The S&P 500 Index closed up +0.07% and the Nasdaq 100 rose +0.25% on Thursday, setting new all-time highs, while the Dow Jones Indices fell -0.70%. The positive performance was buoyed by Alphabet’s better-than-expected Q2 revenue, indicating strong demand for artificial intelligence, and a drop in US weekly initial unemployment claims to a 3-month low of 217,000.
Tesla reported its largest revenue decline in a decade, leading to a -7% stock drop, while IBM also fell over -7% after weak Q2 software revenue results. The US manufacturing PMI for July dropped to 49.5, falling short of expectations at 52.7, marking a 7-month low.
Global markets generally closed higher, with Japan’s Nikkei up +1.59% and the Euro Stoxx 50 rising +0.20%. In the U.S., ongoing focus remains on trade developments, particularly President Trump’s tariff announcements set for August 1, and upcoming earnings reports with anticipated increases in S&P 500 earnings of +3.2% for Q2.
