The S&P 500 Index surged by 1.02% on Thursday, closing at a new all-time high, alongside the Dow Jones Industrial Average, which rose 1.62%, and the Nasdaq 100, up 0.98%. This rally was fueled by robust earnings from Alphabet and Qualcomm, with Alphabet’s revenue exceeding expectations by over $3 billion, leading to a 9% jump in its stock. Qualcomm’s impressive 15% gain followed its strong Q2 revenue report, bolstering confidence in the semiconductor sector.

The broader market’s upward momentum was further supported by falling crude oil prices, which eased inflation concerns and contributed to a decline in bond yields, with the 10-year T-note yield dropping to 4.38%. Despite the positive earnings backdrop, some tech stocks faced pressure, notably Meta Platforms, which fell over 8% due to a higher-than-expected capital expenditure forecast.

As earnings season progresses, with 80% of S&P 500 companies beating estimates so far, market participants should monitor upcoming results closely, particularly from major tech firms, as they could significantly influence market sentiment and sector performance in the weeks ahead.

Source: nasdaq.com