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US Equity Markets End Higher on Microsoft's Cloud Gains, Semiconductor Rebound

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US equity indexes ended higher Thursday after Microsoft (MSFT) posted AI-backed gains and semiconductor stocks rebounded.

* Microsoft's intelligent-cloud segment's revenue increased 32% to $39.31 billion, buoyed by 43% growth in Azure and other cloud services.

* The personal consumption expenditures price index fell 0.1% in June, as expected, cutting the year-over-year rate to 3.7% from 4.1%.

* US initial jobless claims last week rose sequentially to 197,000 from an upwardly revised 188,000, versus expectations for an increase to 200,000 in a Bloomberg poll.

* September West Texas Intermediate crude oil fell $0.74 to settle at $83.70 per barrel, while September Brent crude, the global benchmark, was last seen down $1.56 at $89.18.

* Chip-related stocks jumped with Sandisk (SNDK) up 26%, the top performer on the S&P 500. Micron Technology (MU), Advanced Micro Devices (AMD) and Intel (INTC) also advanced.

* Alnylam Pharmaceuticals (ALNY) shares fell 28%, the biggest drop on the Nasdaq, after the company lowered its full-year 2026 net product revenue guidance.

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US equity indexes fell Wednesday as crude oil prices jumped after Iran's surprise missile attack, while a divided Federal Reserve kept its benchmark interest rate unchanged.* President Donald Trump said Iran will be hit hard, according to Fox News. The US Central Command said it joined Saudi Arabian armed forces to conduct strikes after Iran-aligned terrorists attacked US forces and Saudi energy infrastructure.* The Federal Reserve maintained its benchmark interest rate at a range of 3.5% to 3.75% on Wednesday, though three members of the Federal Open Market Committee dissented. Fed Chairman Kevin Warsh declined to forecast the central bank's future policy direction and said the Fed is taking all necessary measures to achieve its 2% inflation target.* September West Texas Intermediate crude oil rose $5.60 to settle at $84.86 per barrel, while September Brent crude, the global benchmark, was last seen up $6.62 at $90.71.* Garmin (GRMN) shares rose 16%, the top gainer on the S&P 500, after the company reported better-than-anticipated Q2 results and raised its full-year guidance.* Lennox International (LII) shares fell 21%, the biggest drop on the S&P, after the company reported Q2 revenue below market expectations and lowered its full-year 2026 earnings outlook.

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Update: US Equity Indexes Slide Ahead of Warsh's Press Briefing, Big-Tech Results While Trump Vows to Hit Iran Hard

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