IXIC: Nasdaq Composite Futures Up After Tech Rally Powers Index to New All-Time Record

Dogpile of tech reports is coming this week with household names Google, Meta, Apple, Microsoft ready to stir markets.

• The Nasdaq Composite IXIC scaled new heights Friday with Monday futures poised to extend the upside swing. More precisely, the tech-heavy index hit an all-time trading record of 18,690.01, but closed out the week at 18,518.61, below the all-time closing record set on July 10. The rest of the market? Not so good. The S&P 500 and the Dow Jones Industrial Average languished on the day, with the broad-based index flipping under the flatline by less than 2 points. The 30-stock Dow washed out 0.6%.
• Why the apparent divergence? Tech — the Magnificent Seven, mostly. The Nasdaq Composite is jam-packed with technology giants and in light of the upcoming slate of tech names reporting quarterly earnings, investors are buying early. America’s biggest companies are lined up to update financial results for the September quarter this week — Google parent Alphabet GOOGL reports Tuesday after the bell.
• On Wednesday, markets will get the latest from Meta META and Microsoft MSFT. The Facebook and Instagram owner’s earnings data will show whether the stock’s crazy price increase — double in a year — will be justified with yet another bumper quarterly performance. Microsoft, a backer of ChatGPT parent OpenAI, will get a chance to show how well its AI tool Copilot has been selling. Thursday is coming with earnings updates from Apple AAPL and Amazon AMZN.