The stock market rally attempt showed mixed results on Tuesday as Dow Jones futures edged higher, while S&P 500 futures and Nasdaq futures fell slightly. Earnings releases from tech giants Microsoft (MSFT) and Google parent Alphabet (GOOGL) were the highlight of the day.

Microsoft delivered impressive earnings, surpassing fiscal Q1 2024 estimates and beating revenue expectations. Azure cloud computing revenue saw solid growth of 28%, slightly above projections. Despite releasing a positive guidance for Q2 revenue, including the recent acquisition of Activision, Microsoft's stock gains were tempered by its guidance announcement. Nevertheless, the stock still rose solidly, indicating potential buying opportunities for investors.

On the other hand, Google's earnings and revenue also surpassed estimates, with strong ad revenue performance. However, Google Cloud revenue slightly missed forecasts. The company's focus on artificial intelligence (AI) was evident in its comments, underscoring its commitment to this evolving field. Although Google stock experienced a sharp decline in overnight trading, it rebounded during Tuesday's session.

The performance of the aforementioned tech giants bears significant importance for the tech sector, especially in areas such as artificial intelligence and cloud computing. Other tech companies, such as Meta Platforms (META) and Amazon.com (AMZN), are set to release their earnings later this week. Notably, Meta's stock experienced a slight decline in extended trading, while Amazon's stock rose overnight.

Visa also released its earnings, which modestly beat expectations, along with a $25 billion stock buyback announcement and a 16% dividend hike. However, Visa's stock fell slightly in after-hours trading. The card giant's stock price climbed during Tuesday's session, finding itself in between the 50-day and 200-day lines.

Looking ahead, Boeing (BA), Vertiv (VRT), and CME Group (CME) are among the notable companies scheduled to release their earnings on Wednesday. Meta stock is featured on IBD Leaderboard, while Microsoft stock is part of IBD Long-Term Leaders. META is also included in the IBD 50 list.

In terms of market performance, the Dow Jones futures rose 0.15%, boosted by MSFT stock and dampened slightly by Visa. Meanwhile, S&P 500 futures fell by the same percentage, and Nasdaq 100 futures saw a 0.25% decline. Notably, overnight futures trading does not always translate into actual trading during regular market hours.

Tuesday's stock market trading showcased a significant rebound, with the Dow Jones Industrial Average rising by 0.6% and the S&P 500 index climbing by 0.7%, surpassing its 200-day line. The Nasdaq composite also saw gains, advancing by 0.9%. Tuesday marked the second day of the Nasdaq's stock market rally attempt, while the Dow Jones and S&P 500 were just starting their respective attempts. However, it is important to note that a couple of positive trading days do not necessarily indicate a market correction.

The stock market's breadth showed some positive signs, although it has been relatively weak for weeks or months. New lows continued to dominate the market, outweighing new highs.

In terms of sectors, growth ETFs such as the Innovator IBD 50 ETF (FFTY), the iShares Expanded Tech-Software Sector ETF (IGV), and the VanEck Vectors Semiconductor ETF (SMH) experienced gains during Tuesday's trading. Speculative story stocks, represented by the ARK Innovation ETF (ARKK) and ARK Genomics ETF (ARKG), also advanced. Additionally, the SPDR S&P Metals & Mining ETF (XME) and the Global X U.S. Infrastructure Development ETF (PAVE) saw positive movement, while the U.S. Global Jets ETF (JETS), SPDR S&P Homebuilders ETF (XHB), Energy Select SPDR ETF (XLE), and Health Care Select Sector SPDR Fund (XLV) had mixed performances. The Industrial Select Sector SPDR Fund (XLI) rose by 0.75%, while the Financial Select SPDR ETF (XLF) climbed by 0.7%.

As the stock market rally attempt continues, investors remain cautious as the rally is still in its early stages and has yet to provide substantial evidence. With a series of significant earnings releases from Microsoft, Google, Meta, Vertiv, Amazon, and many others, investors are waiting to see if these earnings will serve as positive catalysts or potentially send the market sharply lower. It is crucial for investors to closely monitor market developments and update their watchlists in anticipation of future market momentum.