S&P 500, Nasdaq Hit Records on Alphabet Boost
The S&P 500 and the Nasdaq 100 closed at fresh record highs on Thursday, rising 0.1% and 0.2% respectively, supported by strong earnings from Alphabet that bolstered investor confidence in AI investments.
Alphabet shares rose 1% after the company topped 2nd quarter expectations and raised its 2025 capital spending forecast by $10 billion, lifting fellow tech giants like Microsoft, Nvidia, and Amazon. Tesla fell 7.9% after CEO Elon Musk warned of challenging quarters ahead.
The Dow Jones lagged, dropping 270 points, dragged down by an 8% slide in IBM on disappointing revenue and a 4.7% decline in UnitedHealth, which revealed a DOJ investigation. Markets were also focused on President Trump’s surprise visit to the Federal Reserve, where he intensified pressure on Chair Powell over interest rates.
Meanwhile, trade negotiations remained a key theme, with progress reported in talks with the EU, Japan, and South Korea—though Trump indicated that no tariffs would fall below 15%.
Source: Trading Economics