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Passing grade for Alphabet
Alphabet shares in extended trading after the company reported better-than-expected revenue and profit. Second-quarter revenue rose 7% year over year to $74.6 billion, boosted by a 28% jump in revenue in Google's cloud unit. Ad revenue increased 3.3% to $58.14 billion, dispelling fears — somewhat — of lowered ad spending in a slowing economy.

Soft guidance from Microsoft
Investors were disappointed by Microsoft's revenue guidance for its upcoming fiscal quarter, pushing shares in extended trading. Still, the company beat estimates for both revenue and profit in its fiscal fourth quarter, which ended June 30. Revenue rose 8% from a year earlier to hit $56.19 billion, though revenue growth in Azure, Microsoft's cloud computing platform, slowed.

Stocks rose
U.S. stocks — with the Dow Jones Industrial Average registering its 12 th consecutive positive session — as investors digested a slew of earnings reports. The pan-European Stoxx 600 , its sixth straight day of wins. The index was lifted by mining stocks, which jumped 4.46% on the back of China's its beleaguered property sector.

China's new foreign minister
China Tuesday after he disappeared from public view for a month. Wang Yi, China's top diplomat, will serve as the country's new foreign minister. Qin made his last public appearance in Beijing on June 25, when he held talks with counterparts from Vietnam, Sri Lanka and Russia.

[PRO] The broadening rally's real
Most of the gains in the S&P 500 this year have been driven by , causing worries that the rally's too narrow. But there are signs the market is , CNBC Pro's Bob Pisani writes — and advises how to position your portfolio to take advantage of it.

The first batch of Big Tech earnings, out after the bell, was pretty mixed.

Both and beat estimates for the top and bottom line. But Alphabet shares soared after the company posted double-digit growth in its cloud sector, while Microsoft fell after weaker-than-expected revenue forecast for the upcoming quarter.

Investors are paying more attention to forward guidance because they expect second-quarter earnings to be the "trough" and want to see improvements later in the year, explained Edward Jones strategist Angelo Kourkafas.

Major indexes rose in ordinary trading. The advanced 0.28%, the rose 0.61% and the notched its 12 th day of wins with a 0.08% increase.

One non-tech highlight is , which rallied 6.27% to hit a 52-week high on the back of better-than-expected earnings. In fact, GE has performed better than most tech stocks this year. Its shares have risen 72.4%, compared with 45.5% for Microsoft and 37.8% for Alphabet, CNBC's Scott Schnipper and Michael Bloom noted.

Meanwhile, also exceeded expectations on both earnings and revenue. Visa CEO Ryan McInerney commented that "consumer spending remained resilient." Indeed, consumer confidence, as measured by , touched its highest level since July 2021.

The good news: Taken together, they suggest the U.S. economy will continue to be supported by consumer spending. The bad: The Federal Reserve might want to raise interest rates more to suppress demand further. We won't have to wait long to find out. The Fed announces its decision — and more importantly, reveals its thinking — later today.