Wall Street Rebounds, Tech Stocks Surge
US stock markets rallied sharply during Thursday's trading (July 30) following a major sell-off in the previous session. The Nasdaq Composite surged 2.8% to 25,122.18, snapping a six-day losing streak.
The Dow Jones rose 613.92 points, or 1.2%, to 52,208.06, while the S&P 500 gained 1.7% to reach 7,437.63. The gains were led by technology and semiconductor stocks, which saw renewed investor interest.
Microsoft jumped 16% after reporting strong growth in its Azure business. Chip stocks also rallied sharply; the SOXX ETF rose more than 8%, Micron surged 18%, and AMD climbed over 13%.
Buying momentum for risk assets returned following the sharp pressure seen in the previous session. Memory chip stocks also strengthened, with SK Hynix surging more than 17%.
However, Meta Platforms fell 8% after issuing weak revenue guidance and reporting a 91% drop in free cash flow for the second quarter. This highlights that investors remain sensitive to earnings reports that fall short of expectations.
Ultimately, strong corporate earnings helped Wall Street recover, though rising long-term bond yields remain a threat. The market is now awaiting reports from Amazon, Apple, and Coinbase to determine whether the tech stock rally can be sustained. (arl)
Source: Newsmaker.id
