Market Update: U.S. Stocks Rise as Earnings Reports Roll In
As of 1:08 p.m. ET on Thursday, the Dow Jones Industrial Average (DJIA) is up 1.3%, driven by a significant surge in Caterpillar, which posted strong earnings. The S&P 500 follows with a 0.4% increase, while the Nasdaq-100 sees a more modest rise of 0.2%. In earnings news, Alphabet’s shares are up 9.6% after its Google Cloud division reported a 63% revenue growth and a backlog of unfilled orders totaling $462 billion.
Conversely, Meta Platforms is down 9.2% despite beating estimates due to concerns over its $135 billion AI infrastructure spending. Similarly, Microsoft shares have dipped 5.7% on its AI investment plans. Notably, the ongoing geopolitical tension in the Strait of Hormuz is impacting oil prices, which have stabilized amid expectations for calm in the region.
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