CNBC Daily Open: Everyone loves Reddit

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Increasing cloud revenue for Alphabet
Google parent alphabet Third quarter earnings exceeded expectations. The company's quarterly revenue was $88.27 billion, up 15% year-over-year and boosted by its cloud division's 35% year-over-year jump in revenue. Google's search and advertising revenue also increased. Net income was $26.3 billion, up 33.5% from the year-ago quarter.

Reddit makes a profit
Reddit Shares rose nearly 25% in extended trading on Tuesday, breaking $100 for the first time, after the company reported better-than-expected third-quarter results. Notably, Reddit became profitable in the third quarter with a net income of $29.9 million, compared to a net loss of $7.4 million in the year-ago quarter.

Mixed markets
On Tuesday, the Nasdaq Composite rose 0.78% to close at a new high S&P 500 0.16% added, but the Dow Jones Industrial Average lost 0.36%. The pan-European Stoxx 600 The index lost 0.57%. European companies' earnings results were mixed, leading to choppy trading in the region.

End of the zero interest rate era
Larry Fink, CEO of BlackRockexpects the Federal Reserve to cut interest rates just once by 25 basis points for the rest of this year because of high “embedded inflation,” Fink said at a panel discussion on Tuesday. At the same event Morgan Stanley CEO Ted Pick said the era of zero interest rates and zero inflation is over.

(PRO) Citi likes these small-cap stocks
The Russell 2000 has gained around 10.4% so far this year. While this trails the S&P 500's 22% gain over the same period, both analysts and investors are paying more attention to small-cap stocks. As the Fed cuts interest rates, small-cap stocks tend to benefit more – and these are the small-cap stocks that Citi thinks are good buys.

A day in the life of an average office worker:

• Commute to work. Send a snapshot of the crowded train to a friend
• Search Reddit. Laugh at the cats in R/Images
• Search Google for information about why orange cats are so nefarious
• Watch a video compilation of cats knocking over vases on YouTube
• Come to work. Keep browsing social media secretly

These behaviors are so ingrained in most of us that they are almost automatic and essential.

It is therefore not too surprising that the companies behind these services – Snap, Reddit And alphabet – reported third-quarter results that beat Wall Street expectations.

Above all, their income is a bright spot. In the third quarter, Alphabet's advertising revenue increased 10.4% year-over-year. While Snap and Reddit didn't specifically report their advertising revenue, there was evidence that both companies are doing well in this area as well.

Snap's total number of active advertisers more than doubled compared to the same quarter last year, according to CEO Evan Spiegel. This is accompanied by two million more daily active users worldwide than expected. More advertisers and more attention means more revenue per ad.

Meanwhile, Reddit has turned a profit from a loss a year ago. This remarkable transformation was supported in part by a 47% year-over-year increase in daily active users and higher-than-expected average revenue per user.

All companies reported profits after trading closed. In extended trading, shares of Reddit rose nearly 25%, Snap rose about 10.6% and Alphabet rose 5.8%.

It is Metas And Microsoft's Contact us later today for earnings announcement. Microsoft is not really involved in the advertising market as it focuses more on enterprise products. But investors will be watching to see whether Meta keeps up with the positive trend so far.

Judging by how much time I spend on Meta-owned Instagram and see ads that seem to know exactly what I want, the company's advertising revenue is also likely to see healthy growth.

— CNBC's Julia Boorstin, Jonathan Vanian and Jennifer Elias contributed to this report.

Note: CNBC Daily Open will be on hiatus on Thursday, October 31, due to the Singapore holiday. Regular programming will resume on Friday.