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U.S. stock rally set to stall after Microsoft and Alphabet earnings disappoint

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S&P 500 on course to snap three-day winning streak which came on hopes the Federal Reserve may be less aggressive in hiking rates after some weak economic data.

U.S. stock futures fell on Wednesday after results from tech behemoths Microsoft and Alphabet disappointed investors.

What’s driving markets Stocks were on course to snap a three-day winning streak after poorly-received earnings reports from Microsoft MSFT , Alphabet GOOG and Texas Instruments TXN poured cold water on bulls’ new-found optimism. All three shares were trading at least 6% lower in premarket trading. Ian Williams, analyst at Peel Hunt, agreed. “Most of the earnings news released in the past 24 hours provided reassurance in the face of the economic downturn, and a pullback in yields also helped equity market sentiment yesterday,” he said.

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