US Stock Market Today: The S&P 500 and Nasdaq climbed to new record highs on Thursday, as Microsoft’s blockbuster earnings propelled the tech giant past the $4 trillion milestone and fueled investor confidence in big tech’s hefty investments in artificial intelligence (AI).
Microsoft became the second publicly traded company after Nvidia to surpass $4 trillion in market valuation, following a blockbuster earnings report. Meta Platforms also climbed 12.1% to an all-time high in early trading, after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business.
Nvidia gained more than 1%.
The S&P technology index and the communication services index both hit record highs, up 1.2% and over 3%, respectively.
At 09:50 a.m. ET, the Dow Jones Industrial Average rose 88.73 points, or 0.20%, to 44,550.01, the S&P 500 gained 45.18 points, or 0.71%, to 6,408.08 and the Nasdaq Composite gained 245.09 points, or 1.16%, to 21,374.76.
Easing global trade war fears, signs of U.S. economic resilience, and renewed AI optimism have set Wall Street on course for monthly gains.
The S&P 500 and blue-chip Dow are set for a third straight monthly gain – their longest winning streak in nearly a year – while the Nasdaq was on track for its best monthly run since March 2024.
On Wednesday, Federal Reserve Chair Jerome Powell diluted investor expectations for an interest rate cut in September after the central bank kept rates unchanged.
Traders now see a 58.8% chance the Fed will stay pat in September as well, according to CME’s FedWatch tool.
Powell said it was too early to predict a September rate cut, and that current policy was not restricting the economy. The statement came after stronger-than-expected GDP data for the second quarter.
The S&P 500 and the Nasdaq opened at record highs on Thursday, as blockbuster earnings from Meta and Microsoft signaled Big Tech’s hefty artificial intelligence bets were paying off. The Dow Jones Industrial Average rose 204.5 points, or 0.46%, at the open to 44,665.82. The S&P 500 rose 64.1 points, or 1.01%, at the open to 6,427.02, while the Nasdaq Composite rose 327.8 points, or 1.55%, to 21,457.48 at the opening bell.
Bitcoin Rises 0.8% To $118,078.95
Yield On 10-Year Treasuries Declines 2 Basis Points To 4.35%
WTI Crude Falls 0.9% To $69.38 A Barrel
Spot Gold Rises 1% To $3,308.28 An Ounce
Microsoft Jumps 8.2% To Surpass $4 Trillion In Market Value
Meta Platforms Surges 11%, Adding $190 Bn In Value
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