The S&P 500 Index is up 0.86%, the Dow Jones Industrial Average has increased by 0.29%, and the Nasdaq 100 Index has risen 2.65% today. Microsoft stocks surged over 13% after announcing a 43% increase in Q4 Azure and cloud services revenue, surpassing expectations of 39.3%. This marks the fastest quarterly growth in four years. The markets are poised for further volatility with Amazon and Apple set to report earnings after today’s close.
Conversely, Meta Platforms fell by more than 8% due to a disappointing revenue forecast. In economic news, the U.S. Q2 GDP grew by 1.5%, falling short of the anticipated 2.0%, while core PCE inflation eased to 3.3%, aligning with expectations. Weekly jobless claims rose to 197,000, better than the expected 200,000.
Internationally, concerns over rising bond yields continue as the 10-year T-note yield is now at 4.66%. Meanwhile, tensions in the Middle East remain high as U.S. airstrikes target Iranian military sites, with diplomatic negotiations reportedly ongoing to improve regional stability.
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