The S&P 500 Index closed up by 1.66% on Thursday, while the Dow Jones Industrial Average increased by 1.19% and the Nasdaq 100 surged by 3.36%. Microsoft reported a significant Q4 earnings boost, with Azure and other cloud services revenue rising by 43%—surpassing analysts’ expectations of 39.3%—which drove a rally in technology stocks.
However, Meta Platforms saw a decline of over 7% after issuing a disappointing revenue forecast. Key economic indicators showed U.S. Q2 GDP growth at 1.5%, below the expected 2%, while weekly jobless claims rose to 197,000, slightly better than anticipated. The core PCE price index remained stable at 3.3%, aligning with forecasts, indicating ongoing inflation concerns.
As of Thursday, the market anticipates a 66% probability of a 25 basis point rate hike by the Federal Reserve in its upcoming meeting on September 15-16, amid mixed economic signals and elevated bond yields.
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