Today, the S&P 500 Index closed up 0.23%, the Dow Jones Industrial Average gained 0.32%, and the Nasdaq 100 increased by 0.75%. The strength was largely driven by technology stocks, with Amazon.com surging over 14% after its cloud unit reported net sales of $42.23 billion for the quarter, exceeding expectations. In contrast, Apple saw a decline of over 8% after its service revenue fell short, posting $30.74 billion against an anticipated $31.36 billion.
Key economic indicators include a 4.70% rise in the 10-year T-note yield and a 0.9% increase in the Q2 employment cost index, surpassing expectations. Internationally, China’s manufacturing PMI fell to 49.2, lower than the expected 50.1, indicating weaker growth prospects. Additionally, September WTI crude prices rose over 2%, amid heightened geopolitical tensions in the Middle East.
The market anticipates strong Q2 earnings, with forecasts suggesting a 23% increase across the S&P 500. 86% of S&P 500 companies that reported thus far have exceeded estimates. Investors are awaiting results from major tech firms, including Microsoft and Meta Platforms, over the next few days.
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