A post-earnings surge in Meta Platforms Inc. (NASDAQ:META) and Microsoft Corp. (NYSE:MSFT) sent major tech-heavy indices to fresh record highs Thursday, capping a fourth consecutive month of gains for U.S. equities.

By midday in New York, the S&P 500 rose 0.7% to break above 6,400, while the Nasdaq 100 climbed past 24,500 — each logging new intraday highs.

Meta jumped 11% after delivering blockbuster second-quarter results and upbeat revenue guidance. Microsoft climbed about 5% after reporting strong Azure revenues.

The combined market value of the Magnificent Seven swelled past $19.4 trillion, with both Microsoft and Nvidia Corp. (NASDAQ:NVDA) worth more than $4 trillion.

Indexes with less tech exposure lagged: the Dow Jones added just 0.1%, while the Russell 2000 slipped 0.1%.

The broader market surge came despite hotter-than-expected inflation data that supported the Federal Reserve’s decision to keep interest rates steady in July.

The Personal Consumption Expenditures (PCE) price index rose to 2.6% in June from 2.3% in May, surpassing the 2.5% forecast. Core PCE, the Fed’s preferred inflation gauge, held at 2.8%, above the 2.7% consensus.

Traders are now pricing in just a 39% chance of a rate cut in September, according to the CME FedWatch Tool, down from 65% earlier this week.

On trade, President Donald Trump announced a new 15% tariff on select South Korean imports, while a deal with Mexico was extended for another 90 days.

The U.S. dollar index gained 0.1%, aiming for its sixth straight daily gain and the longest winning streak since 2022.

Commodities remained under pressure. Copper fell another 5% to $4.39 per pound, nearing April’s lows after Wednesday’s historic 19.4% drop triggered by tariff exemptions on refined copper.

Silver lost 1.3%, while gold edged up 0.5% to $3,290 per ounce.

In crypto, Bitcoin (CRYPTO: BTC) rose 0.9% to $118,871.

Thursday’s Performance In Major U.S. Indices, ETFs

According to Benzinga …

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