Alphabet Inc.’s earnings were a bit better than Wall Street had expected. But will that beat really matter for the company’s stock?

Wall Street investors weighing the impacts of Donald Trump’s trade war on Corporate America sent stocks climbing amid bets the Federal Reserve could cut rates sooner than anticipated to prevent a recession.

Class A shares of Alphabet Inc (NASDAQ: GOOGL) are up 3.3% at $164.52, after the Google and YouTube parent topped Wall Street expectations with its first-quarter report. The company posted earnings of $2.81 per share on revenue of $90.23 billion, beating analyst estimates of $2.01 per share and $89.12 billion.