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Surged alongside other US benchmarks after Washington and Tehran reached a framework to end their war and reopen the Strait of Hormuz.

Update: Wall Street Gains Amid Amazon Rally as July Ends Mostly Lower
US Markets

Update: Wall Street Gains Amid Amazon Rally as July Ends Mostly Lower

(Updates with market moves at the end of the day, along with weekly and monthly index changes.)US equity indexes rose Friday as Amazon (AMZN) surged 15% post earnings, while Wall Street closed out July mostly lower.The Nasdaq Composite rose 1% to 25,373.85, while the S&P 500 climbed 0.7% to 7,489.72. The Dow Jones Industrial Average gained 0.5% to settle at 52,485.03. Among sectors, consumer discretionary was a standout gainer with its 6.1% advance, while materials saw the steepest drop of 2.7%.For the month of July, the Nasdaq shed 3.2% and the S&P 500 edged 0.1% lower, the second consecutive month of losses for both measures. The Dow added 0.3% to log its fourth straight monthly gain.All three indexes posted weekly gains, with the Nasdaq up 1.6%. The S&P 500 and the Dow climbed 1.1% and 1%, respectively.Amazon was the best performer on the Dow and the S&P 500. Late Thursday, the e-commerce giant reported second-quarter earnings above Wall Street's estimates amid a 37% jump in its Amazon Web Services cloud computing business."Amazon's (second-quarter) print was exactly what bulls wanted," RBC Capital Markets said in an emailed client note. "AWS' accelerating 37% growth beat the bogey, the backlog meaningfully accelerated and AWS's margin flow-through would suggest AI may not be the (return on invested capital) depressant it's been made out to be."Apple (AAPL) slumped 7.1%, the worst performer on the Dow and among the biggest declines on the S&P 500. The company missed market estimates for iPad and services revenue in its fiscal third quarter.Apple supply chain-related concerns could persist into fiscal 2027, UBS Securities said, after Chief Financial Officer Kevan Parekh flagged a worsening supply backdrop.West Texas Intermediate crude oil was up 1.1% at $84.52 a barrel in Friday late-afternoon trade, while Brent rose 1.2% to $90.12. Both benchmarks are set to close out July with monthly gains of more than 20%, following two consecutive monthly declines.Iran hit two tankers trying to transit the Strait of Hormuz under US military escort, CNBC reported, citing state run PressTV.Iran's army said Friday that it struck strategic US assets and military bases in Kuwait and Bahrain, following Washington's attacks against Iran, according to a separate CNBC report that cited state media.In other corporate news, oil giants Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year gains in their second-quarter results as supply disruptions in the Middle East boosted oil prices. Exxon shares fell 1%, while Chevron rose 2.4%.Newell Brands (NWL) jumped 9% as its second-quarter earnings unexpectedly rose year over year on the back of tariff refunds, while the consumer products manufacturer returned to revenue growth for the first time in more than four years.Treasury yields were higher, with the 10-year rate up 5.5 basis points at 4.72%, while the two-year rate rose 3.3 basis points to 4.26%.The Federal Reserve may need to pursue an aggressive tightening cycle if it doesn't raise interest rates immediately to bring inflation down, the three dissenters at this week's monetary policy meeting said Friday.The central bank's 12-member Federal Open Market Committee maintained its benchmark rate on Wednesday, staying on hold for the fifth time. However, three regional Fed presidents -- Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas -- preferred to raise rates by a quarter percentage point.Spot gold declined 1.2% to $4,052.33 per troy ounce, while silver fell 1.6% to $58.08 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$CVX$NWL$XOM
Asia Markets

US Equity Indexes Rise This Week as AI Monetization Evidence in Big-Tech Quarterly Results Energizes Bulls

US equity indexes rose this week as investors selectively rewarded big tech for delivering evidence that AI spend is being monetized, helping outweigh a surge in government bond yields.* The S&P 500 closed at 7,489.72 on Friday versus 7,411.98 a week ago. The Nasdaq Composite stood at about 25,373.85, compared with 24,975.82 a week earlier. The Dow Jones Industrial Average ended at 52,485.03, versus 51,947.25 at the end of last week.* Amazon's (AMZN) cloud-computing unit reported overnight the fastest sales growth in 18 quarters. Shares soared even as the retailer expanded its full-year 2026 capital expenditure guidance by about $20 billion to $220 billion.* The Microsoft (MSFT) intelligent cloud segment's revenue increased 32% to $39.31 billion, buoyed by 43% growth in Azure and other cloud services, according to the company. Analysts expected a 40% year-over-year advance in Azure sales.* President Donald Trump said the US has an "understanding" with Israel to begin implementing an agreement in Gaza that would require Israeli forces to withdraw and Hamas to give up its weapons, a critical step in implementing a multi-phase peace plan to end the war, CNN reported.* The Fed held its policy rate steady in a divided decision, as three officials called for policy tightening. The central bank reiterated its pledge to "deliver price stability" as inflation has remained above its 2% target amid supply shocks. The CME FedWatch tool showed a 66% probability of the Federal Reserve raising interest rates by 25 basis points in September, up from 51% a month ago, with the likelihood of rate increases also climbing in October and December.* In economic news, the personal consumption expenditures, or PCE, price index fell in June, as expected, cutting the year-over-year rate. Core PCE climbed less than forecast, helping to drive a decline in the annual rate.* The US 10-year yield traded at 4.74% late Friday, after earlier touching its highest level in 52 weeks.

Dow JonesNasdaq CompositeS&P 500$AMZN$MSFT
Asia Markets

Update: US Equity Indexes Rise as Amazon's Results Boost Consumer Discretionary, Crude Oil Trades Off Session Highs

(Updates with index/price moves and macroeconomic data from the first paragraph.)US equity indexes rose following a lift by standout gainers consumer discretionary and communication services, and as President Donald Trump signaled an agreement between Israel and militant group Hamas.The Nasdaq Composite rose 1% to 25,373.85, with the S&P 500 up 0.7% to 7,489.72 and the Dow Jones Industrial Average higher by 0.5% to 52,485.03 on Friday.Consumer discretionary catapulted 6.1%, and communication services soared 4.6%, outweighing a retreat led by materials.Amazon's (AMZN) web services cloud-computing unit reported overnight the fastest sales growth in 18 quarters, helping the e-commerce giant handily exceed market expectations for Q2 earnings and revenue. Shares soared 15%, the top gainer on the S&P 500, the Nasdaq, and the Dow, even as the retailer expanded its full-year 2026 capital expenditure guidance by about $20 billion to $220 billion.Apple (APPL), meanwhile, sank 7.4%, among the worst performers on the S&P 500, the Nasdaq, and the Dow. The company missed market estimates for iPad and services revenue overnight in fiscal Q3, after recently raising prices for MacBooks and iPads amid surging memory and storage chip costs.In geopolitical news, President Donald Trump said the US has an "understanding" with Israel to start implementing an agreement in Gaza that would require Israeli forces to withdraw and Hamas to give up its weapons, a critical step in implementing a multi-phase peace plan to end the war, according to CNN.A senior Hamas official told CNN that the militant group had agreed to the deal with the US-backed Board of Peace, contingent on Israel upholding its obligations. Hamas has never before agreed to a specific plan to hand over its weapons, according to CNN.The front-month US West Texas Intermediate crude oil climbed 1.4% to $84.75 a barrel, and global benchmark North Sea Brent advanced 1.2% to $90.12 a barrel. Both crude types traded off their respective session highs.In economic news, a survey conducted by the University of Michigan showed respondents expect a 4.2% inflation rate over the next year, down from 4.6% in June, and 3.3% annual inflation over the next five years, in line with a month ago. The Federal Reserve has remained above its 2% inflation target for more than five years."Let me reiterate. There is no soft inflation target. There is no soft implicit target. Not on this committee's watch. There's only a target, and it's 2%," Fed Chair Kevin Warsh said in a press briefing after the central bank overcame dissent from three policy makers to leave interest rates unchanged on Wednesday.US Treasury yields surged, with the 10-year trading up 4.7 basis points to 4.71% after touching its 52-week high intraday. The two-year yield climbed 4.4 basis points to 4.27%.In precious metal markets, gold futures dropped 1.3% to $4,107.3, and silver futures slumped 1.5% to $58.13.Further in economic news, the University of Michigan consumer sentiment index was revised upwards to 55.2 for July from 54.4 in the preliminary estimate, compared with expectations for a downward revision to 54.0 in a survey compiled by Bloomberg. That was above the final reading of 49.5 in June.The quarterly US employment cost index rose by 0.9% in Q2, in line with the previous quarter, the US Bureau of Labor Statistics reported on Friday. This was above the consensus estimate of a 0.8% gain in a Bloomberg-compiled survey.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN
Japan

US Equity Markets End Higher on Amazon's Profit Surge, Communications Services Rally

US equity indexes ended higher Friday after Amazon.com's (AMZN) Q2 profit soared and the communication-services sector rallied.* Amazon's shares rose 15%, the top gainer on the S&P 500, a day after the e-commerce giant's Q2 results topped Wall Street's estimates on cloud-computing business strength.* A University of Michigan survey showed respondents expect a 4.2% inflation rate over the next year, down from 4.6% in June, and 3.3% annual inflation over the next five years.* The University of Michigan consumer sentiment index was revised upward to 55.2 for July from 54.4 in the preliminary estimate, compared with expectations for a downward revision to 54.0 in a survey compiled by Bloomberg.* The quarterly US employment cost index rose by 0.9% in Q2, in line with the previous quarter, the US Bureau of Labor Statistics reported. That topped the consensus estimate of a 0.8% gain in a Bloomberg survey.* September West Texas Intermediate crude oil rose $1.20 to settle at $84.79 per barrel, while September Brent crude, the global benchmark, was last seen up $1.06 at $90.09.* Apple (AAPL) shares fell 7.4%, the biggest drop on the Nasdaq, a day after the company missed market estimates for iPad and services revenue in fiscal Q3.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN
Japan

Update: US Equity Indexes Rise Amid Amazon-Fueled Gains in Consumer Discretionary While Crude Oil Trades Off Session Highs

(Updates with index/price moves, macroeconomic data and geopolitical news from the first paragraph.)US equity indexes rose following a lift by standout gainers consumer discretionary and communication services, and as President Donald Trump signaled an agreement between Israel and militant group Hamas.The Nasdaq Composite rose 1.1% to 25,396.2, with the S&P 500 up 0.8% to 7,499.1 and the Dow Jones Industrial Average higher by 0.7% to 52,590.6 ahead of Friday's close.Consumer discretionary catapulted 6%, and communication services soared 4.3%, outweighing a retreat led by materials in the final leg of trading.Amazon's (AMZN) web services cloud-computing unit reported overnight the fastest sales growth in 18 quarters, helping the e-commerce giant handily exceed market expectations for Q2 earnings and revenue. Shares soared 15%, the top gainer on the S&P 500, the Nasdaq, and the Dow, even as the retailer expanded its full-year 2026 capital expenditure guidance by about $20 billion to $220 billion.Apple (APPL), meanwhile, sank 8.4%, among the worst performers on the S&P 500, the Nasdaq, and the Dow. The company missed market estimates for iPad and services revenue overnight in fiscal Q3, after recently raising prices for MacBooks and iPads amid surging memory and storage chip costs.In geopolitical news, President Donald Trump said the US has an "understanding" with Israel to start implementing an agreement in Gaza that would require Israeli forces to withdraw and Hamas to give up its weapons, a critical step in implementing a multi-phase peace plan to end the war, according to CNN.A senior Hamas official told CNN that the militant group had agreed to the deal with the US-backed Board of Peace, contingent on Israel upholding its obligations. Hamas has never before agreed to a specific plan to hand over its weapons, according to CNN.The front-month US West Texas Intermediate crude oil climbed 1.2% to $84.63 a barrel, and global benchmark North Sea Brent advanced 1.2% to $90.12 a barrel. Both crude types traded off their respective session highs.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN
Update: Equity Markets Rise Intraday Amid Amazon's Post-Earnings Rally
US Markets

Update: Equity Markets Rise Intraday Amid Amazon's Post-Earnings Rally

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, supported by Amazon's (AMZN) post-earnings rally, though Apple's (AAPL) shares tumbled after the iPhone maker flagged worsening supply constraints.The Nasdaq Composite was up 0.9% at 25,342.7 after midday Friday, while the S&P 500 climbed 0.7% to 7,485.7. The Dow Jones Industrial Average rose 0.6% to 52,521.3. Among sectors, consumer discretionary was a standout gainer with its 6% advance, while materials saw the steepest drop.Amazon' shares jumped 15% intraday, the best performer on the Dow and the S&P 500. Late Thursday, the e-commerce giant reported second-quarter earnings above Wall Street's estimates amid a 37% jump in its Amazon Web Services cloud computing business."Amazon's (second-quarter) print was exactly what bulls wanted," RBC Capital Markets said in an emailed client note. "AWS' accelerating 37% growth beat the bogey, the backlog meaningfully accelerated and AWS's margin flow-through would suggest AI may not be the (return on invested capital) depressant it's been made out to be."Apple was down 9.7%, the worst performer on the Dow and among the biggest declines on the S&P 500. The company missed market estimates for iPad and services revenue in its fiscal third quarter. The tech giant recently increased prices for MacBooks and iPads amid surging memory and storage chip costs.On the earnings call late Thursday, Apple Chief Executive Tim Cook flagged supply constraints in the September quarter affecting iPhone, Mac, and iPad."We continue to expect high levels of demand. However, with less flexibility in supply chain, we expect the impact from the supply constraints to increase significantly sequentially," he told analysts, according to a FactSet transcript.West Texas Intermediate crude oil was up 1.4% at $84.74 a barrel intraday, while Brent rose 1.1% to $90.03. Both benchmarks are set to close out July with monthly gains of more than 20%, following two consecutive monthly declines.Iran hit two tankers trying to transit the Strait of Hormuz under US military escort, CNBC reported, citing state run PressTV.Iran's army said Friday that it struck strategic US assets and military bases in Kuwait and Bahrain, following Washington's attacks against Iran, according to a separate CNBC report that cited state media.In other corporate news, oil giants Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year gains in their second-quarter results as supply disruptions in the Middle East boosted oil prices. Exxon shares fell 1.5%, while Chevron rose 1.7%.Newell Brands (NWL) jumped 14% as its second-quarter earnings unexpectedly rose year over year on the back of tariff refunds, while the consumer products manufacturer returned to revenue growth for the first time in more than four years.Treasury yields were higher, with the 10-year rate up 7.4 basis points at 4.74%, while the two-year rate jumped six basis points to 4.29%.The Federal Reserve may need to pursue an aggressive tightening cycle if it doesn't raise interest rates immediately to bring inflation down, the three dissenters at this week's monetary policy meeting said Friday.The central bank's 12-member Federal Open Market Committee maintained its benchmark rate on Wednesday, staying on hold for the fifth time. However, three regional Fed presidents -- Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas -- preferred to raise rates by a quarter percentage point.Spot gold declined 1.5% to $4,043.11 per troy ounce, while silver fell 2.3% to $57.65 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$CVX$NWL$XOM
Asia Markets

Update: Consumer Discretionary Helps Push US Equity Indexes Higher Following Amazon's Blowout Results

(Updates with index/price moves, macroeconomic data and geopolitical news from the first paragraph.)US equity indexes traded higher, as standout gainers, consumer discretionary and communication services, helped offset a broad-based sectoral decline amid a surge in government bond yields.The Nasdaq Composite rose 0.6% to 25,277.1, with the S&P 500 up 0.5% to 7,472.5 and the Dow Jones Industrial Average higher by 0.5% to 52,452.8.Consumer discretionary catapulted 5.9%, and communication services soared 3.7%, outweighing a broad-based retreat led by materials and technology.Amazon's (AMZN) web services cloud-computing unit reported overnight the fastest sales growth in 18 quarters, helping the e-commerce giant handily exceed market expectations for Q2 earnings and revenue. Shares soared 15%, the top gainer on the S&P 500, the Nasdaq, and the Dow, even as the retailer expanded its full-year 2026 capital expenditure guidance by about $20 billion to $220 billion.Apple (APPL), meanwhile, sank 9%, among the worst performers on the S&P 500, the Nasdaq, and the Dow. The company missed market estimates for iPad and services revenue overnight in fiscal Q3, after recently raising prices for MacBooks and iPads amid surging memory and storage chip costs.Iran said Friday that it had targeted US military assets at Kuwait's Ahmad Al-Jaber airbase, describing the attack as retaliation for US strikes a day earlier, Al Jazeera, a Middle East broadcaster, reported Friday. The US has not responded to Iran's attack yet, and specific details about the damage and casualties are not known, the news report said.Meanwhile, President Donald Trump said the US has an "understanding" with Israel to start implementing an agreement in Gaza that would require Israeli forces to withdraw and Hamas to give up its weapons, a critical step in implementing a multi-phase peace plan to end the war, according to CNN.The front-month US West Texas Intermediate crude oil climbed 1.3% to $84.71 a barrel, and global benchmark North Sea Brent advanced 1.1% to $89.98 a barrel. Both crude types traded off their respective session highs.In economic news, a survey conducted by the University of Michigan showed respondents expect a 4.2% inflation rate over the next year, down from 4.6% in June, and 3.3% annual inflation over the next five years, in line with a month ago. The Federal Reserve has remained above its 2% inflation target for more than five years."Let me reiterate. There is no soft inflation target. There is no soft implicit target. Not on this committee's watch. There's only a target, and it's 2%," Fed Chair Kevin Warsh said in a press briefing after the central bank overcame dissent from three policy makers to leave interest rates unchanged on Wednesday.US Treasury yields surged, with the 10-year trading up 7.4 basis points to 4.74% after touching its 52-week high intraday. The two-year yield soared 6.2 basis points to 4.29%.In precious metal markets, gold futures dropped 1.5% to $4,100.2, and silver futures slumped 2.2% to $57.71.Further in economic news, the University of Michigan consumer sentiment index was revised upwards to 55.2 for July from 54.4 in the preliminary estimate, compared with expectations for a downward revision to 54.0 in a survey compiled by Bloomberg. That was above the final reading of 49.5 in June.The quarterly US employment cost index rose by 0.9% in Q2, in line with the previous quarter, the US Bureau of Labor Statistics reported on Friday. This was above the consensus estimate of a 0.8% gain in a Bloomberg-compiled survey.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN
Asia Markets

Exchange-Traded Funds Mixed, US Equities Higher After Midday

Broad Market IndicatorsBroad-market exchange-traded fund IWM fell and IVV rose. Actively traded Invesco QQQ Trust (QQQ) rose 0.4%.US equity indexes were higher, with Amazon.com (AMZN) shares rising and Apple (AAPL) down following their quarterly results, as the 10-year government bond yield soared to the highest level in a year amid rising crude oil prices.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each added about 0.2%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) slipped 0.3%; iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) each added about 0.2%.The State Street SPDR S&P Semiconductor (XSD) rose 1.1%, and iShares Semiconductor (SOXX) advanced 1.4%.FinancialThe State Street Financial Select Sector SPDR (XLF) rose 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) advanced 0.4%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 0.4%.CommoditiesCrude oil rose 1.2%, and the United States Oil Fund (USO) gained 1.1%. Natural gas fell 1.2%, and the United States Natural Gas Fund (UNG) lost 0.7%.Gold on Comex shed 1.5%, and the State Street SPDR Gold Shares (GLD) fell 1.6%. Silver was down 2.3%, and iShares Silver Trust (SLV) dropped 2.9%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) was down 0.3%. The Vanguard Consumer Staples ETF (VDC) slipped 0.4%, and iShares Dow Jones US Consumer Goods (IYK) fell 0.6%.The State Street Consumer Discretionary Select Sector SPDR (XLY) was up 3.2%. VanEck Retail ETF (RTH) added 3%, and the State Street SPDR S&P Retail (XRT) fell 0.8%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) declined 0.5%, iShares US Healthcare (IYH) fell 0.8%, and Vanguard Health Care ETF (VHT) shed 0.8%. IShares Biotechnology ETF (IBB) was down 2.1%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) rose 0.9%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also higher.CryptocurrencyIn midday activity, bitcoin (BTC-USD) dipped 3.1%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) fell 3.1%, ProShares Ether ETF (EETH) was down 3.3%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 3.4% lower.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH
Asia Markets

Update: US Equity Indexes Search for Direction as Amazon, Apple's Quarterly Results Divide Investors

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes traded higher as market heavyweights Amazon.com (AMZN) and Apple (AAPL) diverged after reporting quarterly results and as the 10-year government bond yield soared to the highest level in a year amid crude oil gains.The Nasdaq Composite rose 0.5% to 25,257.5 after midday Friday. The S&P 500 climbed 0.4% to 7,468.1, and the Dow Jones Industrial Average advanced 0.4% to 52,439.7. Both the S&P 500 and the Nasdaq traded lower earlier in the session.Amazon's web services cloud-computing unit reported overnight the fastest sales growth in 18 quarters, helping the e-commerce giant handily exceed market expectations for Q2 earnings and revenue. Shares soared 14%, the top gainer on the S&P 500, the Nasdaq, and the Dow, even as the retailer expanded its full-year 2026 capital expenditure guidance by about $20 billion to $220 billion.Apple, meanwhile, plunged 14%, among the worst performers on the S&P 500, the Nasdaq, and the Dow. The company missed market estimates for iPad and services revenue overnight in fiscal Q3, after recently raising prices for MacBooks and iPads amid surging memory and storage chip costs.In geopolitical news, Iran said Friday that it had targeted US military assets at Kuwait's Ahmad Al-Jaber airbase, describing the attack as retaliation for US strikes a day earlier, Al Jazeera, a Middle East broadcaster, reported Friday. The US has not responded to Iran's attack yet, and specific details about the damage and casualties are not known, the news report said.The front-month US West Texas Intermediate crude oil jumped 2.1% to $85.38 a barrel, and global benchmark North Sea Brent advanced 1.4% to $90.26 a barrel, as no end is in sight for the Iran war.In economic news, a survey conducted by the University of Michigan showed respondents expect a 4.2% inflation rate over the next year, down from 4.6% in June, and 3.3% annual inflation over the next five years, in line with a month ago. The Federal Reserve has remained above its 2% inflation target for more than five years."Let me reiterate. There is no soft inflation target. There is no soft implicit target. Not on this committee's watch. There's only a target, and it's 2%," Fed Chair Kevin Warsh said in a press briefing after the central bank overcame dissent from three policy makers to leave interest rates unchanged on Wednesday.US Treasury yields surged, with the 10-year trading up 7.2 basis points to 4.74% after touching its 52-week high intraday. The two-year yield soared 6.4 basis points to 4.29%.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Friday as Amazon Earnings Offset Apple Weakness

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.9% in Friday's premarket activity, as Amazon's (AMZN) stronger-than-expected earnings and continued demand for AI services outweighed weakness in Apple (AAPL) shares following its quarterly results.US stock futures were also higher, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures advancing 0.5%, and Nasdaq futures gaining 1.1% before the start of regular trading.The quarterly US employment cost index rose by 0.9% in Q2, the same as in the previous quarter, the US Bureau of Labor Statistics reported on Friday.July's Chicago PMI report will be released at 9:45 am ET.The final University of Michigan consumer sentiment reading for July will be released at 10:00 am ET.In premarket action, bitcoin was down by 1.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.7% lower, Ether ETF (EETH) retreated 2.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was down 0.03%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.1%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.3%, and the iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rose 2.5%. The VanEck Retail ETF (RTH) gained 1.2%, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% higher.Amazon (AMZN) jumped more than 10% after the company posted higher Q2 results that beat analysts' estimates.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.4%, the Vanguard Health Care Index Fund (VHT) was down 0.5%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 0.4% lower.Novo Nordisk A/S (NVO) was down 8% premarket after the company said its ziltivekimab did not reduce major adverse cardiovascular events in people with atherosclerotic cardiovascular disease, chronic kidney disease and inflammation versus a placebo in a phase 3 trial.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained 0.4%, the iShares US Technology ETF (IYW) was 0.9% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 0.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased 4.5%, while the iShares Semiconductor ETF (SOXX) rose by 3.3%.Apple (AAPL) fell 7.5% pre-market Friday after the company reported lower-than-expected services revenue in fiscal Q3.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1%, the Vanguard Industrials Index Fund (VIS) gained 0.3%, and the iShares US Industrials ETF (IYJ) was flat.RBC Bearings (RBC) was up more than 1% before the opening bell after the company reported higher fiscal Q1 adjusted net income and net sales.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.01%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.Arthur J. Gallagher (AJG) was down 4.4% even after the company reported higher Q2 adjusted earnings and revenue.EnergyThe iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.5%.Chevron (CVX) was up 0.8% before the market open after the company reported higher Q2 results.CommoditiesFront-month US West Texas Intermediate crude oil gained by 2.1% to $85.32 per barrel on the New York Mercantile Exchange. Natural gas was up 1.5% to $2.80 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 1.8%, while the United States Natural Gas Fund (UNG) was 1% higher.Gold futures for November retreated by 1.2% to $4,112.80 an ounce on the Comex. Silver futures declined by 1.7% to $57.99 an ounce. SPDR Gold Shares (GLD) was down by 1.5%, and the iShares Silver Trust (SLV) fell by 2.5%.

Dow JonesNasdaq CompositeS&P 500$AAPL$AJG$AMZN$BETH$BITO$CVX$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVO$PMR$QQQ$RBC$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Asia Markets

Update: Amazon Overperformance Lifts US Equity Futures Pre-Bell Amid Potential Expansion of Middle East Conflict to Egypt

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Friday as tech stocks, led by Amazon (AMZN), were on the upswing amid a potential expansion of the Middle East conflict to include Egypt.Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.3%, and Nasdaq futures rose 0.9%.Amazon stock was up 10% in premarket activity after the tech giant reported better-than-expected Q2 results that highlighted the strength of its cloud-computing business.Egypt reported that a drone strike hit two vessels at the port of Damietta on Wednesday. No party has claimed responsibility for that attack, which is the first one in the country's territory since the war between the US and Iran began in late February.Iran said it attacked US assets in Kuwait and Bahrain after the recent wave of US strikes this week, CNBC reported Friday, citing state media.Traders digested the latest round of earnings, with Exxon Mobil (XOM) posting higher Q2 adjusted earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.6% at $88.29 per barrel and US West Texas Intermediate crude 1.8% higher at $85.06 per barrel.The Chicago purchasing managers index for July, due at 9:45 am ET, is seen coming in at 56.0, down from its prior value of 56.7, according to estimates compiled by Bloomberg.The final University of Michigan consumer sentiment report for July, scheduled at 10 am ET, is expected to show consumer sentiment index coming in at 54.0, down from 54.4 in the prior period.In other world markets, Japan's Nikkei closed 4% higher, Hong Kong's Hang Seng ended 0.1% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, Micron Technology (MU) stock was up 2.6%, SK Hynix (SKHY) shares rose 5.6%, and Advanced Micro Devices (AMD) stock was 3.4% higher as part of a wider rally in the tech sector.On the losing side, Apple (AAPL) shares fell 7.9% despite the company's strong fiscal Q3 results as it missed estimates for iPad and services revenue. Exxon Mobil stock dropped 1.1% despite posting a Q2 adjusted earnings and revenue beat. AbbVie (ABBV) shares were down 3.3% after the company lowered its full-year 2026 adjusted earnings outlook.

Dow JonesNasdaq CompositeS&P 500$AAPL$ABBV$AMD$AMZN$MU$SKHY$XOM
Japan

Amazon Overperformance Lifts US Equity Futures Pre-Bell Amid Potential Expansion of Mid-East Conflict to Egypt

US equity futures were higher pre-bell Friday as tech stocks, led by Amazon (AMZN), were on the upswing, amid a potential expansion of the Middle East conflict to include Egypt.Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 1.1% higher.Amazon stock was up 11% in premarket activity after the tech giant reported better-than-expected Q2 results that highlighted the strength of its cloud-computing business.Egypt reported that a drone strike hit two vessels at the port of Damietta on Wednesday. No party has claimed responsibility for that attack, which is the first one in the country's territory since the war between the US and Iran began in late February.Iran said it attacked US assets in Kuwait and Bahrain after the recent wave of US strikes this week, CNBC reported Friday, citing state media.Traders digested the latest round of earnings, with Exxon Mobil (XOM) posting higher Q2 adjusted earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.7% at $88.38 per barrel and US West Texas Intermediate crude 1.5% higher at $84.85 per barrel.The Chicago purchasing managers index for July, due at 9:45 am ET, is seen coming in at 56.0, down from its prior value of 56.7, according to estimates compiled by Bloomberg.The final University of Michigan consumer sentiment report for July, scheduled at 10 am ET, is expected to show consumer sentiment index coming in at 54.0, down from 54.4 in the prior period.

Dow JonesNasdaq CompositeS&P 500$AMZN$XOM
Stocks Rise Pre-Bell as Amazon Results Lift AI Trade Sentiment
US Markets

Stocks Rise Pre-Bell as Amazon Results Lift AI Trade Sentiment

The benchmark US stock measures were tracking in the green before the open Friday as Amazon's (AMZN) better-than-expected quarterly results improved sentiment around the artificial intelligence trade.The S&P 500 rose 0.4%, the Dow Jones Industrial Average increased 0.5% and the Nasdaq gained 1.1% in premarket activity. The indexes finished the previous trading session up, with the Nasdaq snapping a six-day losing streak and recording its biggest single-day percentage gain since June 15.Shares of Amazon rose 13% pre-bell after the e-commerce giant reported second-quarter earnings above Wall Street's estimates amid a 37% jump in its Amazon Web Services cloud computing business."Amazon's (second-quarter) print was exactly what bulls wanted," RBC Capital Markets said in an emailed client note on Friday. "AWS's accelerating 37% growth beat the bogey, the backlog meaningfully accelerated and AWS's margin flow-through would suggest AI may not be the (return on investment) depressant it's been made out to be."Apple (AAPL) fell 7.1% early Friday as the company missed market estimates for iPad and services revenue in its fiscal third quarter. The tech giant recently increased prices for MacBooks and iPads amid surging memory and storage chip costs.Meta Platforms (META) rose 1.9% while Microsoft (MSFT) was down 0.5% following a 16% jump at the close of Thursday trading. Social media platform Reddit (RDDT) fell 9.3% following its latest quarterly results.Government data on Thursday showed that the US personal consumption expenditure price index decreased 0.1% month over month in June, marking the first decline since April 2020. A separate report showed that US economic growth slowed more than expected in the second quarter, though consumer spending seemed to shrug off intensifying price measures.Treasury yields were trending higher in premarket action, with the two-year rate increasing 2.7 basis points to 4.26% and the 10-year rate adding 0.6 basis points to 4.67%.Iran's army said Friday that it launched strikes on strategic US assets and military bases in Kuwait and Bahrain, following Washington's attack against Iran earlier in the week, CNBC reported, citing state media.Saudi Arabia on Thursday reportedly proposed to form a naval alliance to protect key shipping routes in the Red Sea and Strait of Hormuz, with Iran and its Houthi allies in Yemen continuing to attack vessels amid the ongoing conflict with the US. About 40 countries attended a meeting to discuss strengthening maritime cooperation, the Saudi Defense Ministry reportedly said.West Texas Intermediate crude oil was up 0.4% at $83.93 a barrel before the opening bell, while Brent advanced 0.7% to $89.53.Oil giants ExxonMobil (XOM) and Chevron (CVX) report their latest financial results before the bell, along with AbbVie (ABBV), Colgate-Palmolive (CL), Moderna (MRNA), Magna International (MGA) and AutoNation (AN).Friday's economic calendar has the Chicago purchasing managers' index for July at 9:45 am ET, followed by the final University of Michigan consumer sentiment report for the same month at 10 am. The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.Gold declined 1.2% to $4,113 per troy ounce, while bitcoin shed 1.6% to $63,713.

Dow JonesNasdaq CompositeS&P 500$AAPL$ABBV$AMZN$AN$CL$CVX$META$MGA$MRNA$MSFT$RDDT$XOM
International

Tech Revival Buoys Wall Street Pre-Bell; Asia Rallies, Europe Up

Wall Street futures pointed solidly higher pre-bell Friday, after tech-and-delivery conglomerate Amazon.com (AMZN) late Thursday reported earnings that crushed the market consensus, and said its web-services division had more business than it can handle.Amazon.com gained 11.5% pre-bell, while in the futures the S&P 500 rose 0.5%, the Nasdaq inclined 1.2% and the Dow Jones was up 0.6%.The VanEck Semiconductor fund, after a 6.9% incline on Thursday, traded up another 3% pre-bell.Asian exchanges traded sharply higher overnight, including a record 17.9% gain on Seoul's KOSPI index, and an 8% uplift on Taiwan's TWSE index, on the tech-sector rebound.European bourses tracked moderately north midday on the continent.On the economic calendar is the Q2 employment cost index at 8:30 am ET, followed by the Chicago PMI for July at 9:45 am.The University of Michigan consumer sentiment report for July logs at 10 am, followed by the weekly Baker Hughes domestic oil-and-gas rig count at 1 pm.In pre-market action, bitcoin traded at $63,792, West Texas Intermediate crude oil traded up 0.9% at $84.36, and 10-year US Treasuries offered 4.68%. Spot gold commanded $4,057 an ounce.

Dow JonesNasdaq CompositeS&P 500
Asia Markets

Update: US Equity Indexes Surge as Microsoft Triggers Rebound in Chipmakers While Inflation Rate Falls in June

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes soared Thursday as semiconductors rebounded after Microsoft's (MSFT) quarterly results revealed evidence of AI monetization and a closely watched inflation gauge showed a decline for June.The Nasdaq Composite catapulted 2.8% to 25,122.18, the S&P 500 jumped 1.7% to 7,437.63, and the Dow Jones Industrial Average climbed 1.2% to 52,208.06.Technology was the standout gainer, up 5.2%, followed by consumer discretionary. Communication services, consumer staples, and health care led the decliners.Microsoft's intelligent cloud segment revenue surged 32% to $39.31 billion, buoyed by an astounding 43% growth in Azure and other cloud services. Analysts expected a 40% year-over-year advance in Azure sales. Shares of Microsoft shot up 16%, one of the top gainers in the S&P 500, Nasdaq, and the Dow."This was another standout quarter by Nadella & Co. with triple-digit AI [annual recurring revenue] growth and accelerating Azure trajectory into the end of FY26, reinforcing that any knee-jerk reactions to the elevated capex framework represent strong buying opportunities as Redmond's structural AI moat only widens from here," Dan Ives, global head of technology at Wedbush Securities, said in a note.Arm (ARM) shares rose 6.2% after the semiconductor group reported a fiscal Q1 beat for adjusted earnings and revenue.A consortium of banks led by Morgan Stanley (MS) is in talks to lend $15 billion to a data-center developer to build a campus and power plant for Anthropic in Texas, The Wall Street Journal reported Thursday, citing people familiar with the matter. Alphabet's (GOOG, GOOGL) Google would provide financial guarantees and chips for the project. The deal could be announced as soon as today, the report said.VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, advanced 6.9%, as chipmakers are major beneficiaries of AI-related spending. Among companies with a market capitalization of more than $200 billion, six of the top 10 gainers on Thursday were from the semiconductors and semiconductor equipment and materials industries, according to data compiled by Finviz.In economic news, the personal consumption expenditures, or PCE, price index fell 0.1% in June, as expected, cutting the year-over-year rate to 3.7% from 4.1%. The price index rose by 0.5% in May. The core PCE price index climbed 0.1% in June, below the 0.2% gain expected and following a 0.3% growth in May. The year-over-year rate dropped to 3.3% from 3.4%, according to the Bureau of Economic Analysis.An advance BEA reading of gross domestic product showed 1.5% growth in Q2, after a 2.1% increase in Q1 and missing the 2.0% gain forecast in a Bloomberg-compiled survey.US Treasury yields traded mixed, with the 10-year up 5.3 basis points to 4.68%.In precious metals markets, gold futures jumped 1.9% to $4,173.5, and silver futures advanced 2.5% to $59.53.The front-month US West Texas Intermediate was down 0.9% at $83.70 a barrel, while global benchmark North Sea Brent declined 1.8% to $89.15 a barrel.Late Wednesday, US forces completed a "heavy wave" of strikes against Iran in response to Tuesday's attempted missile attacks on US forces, according to CENTCOM. Meanwhile, the Islamic Revolutionary Guard Corps targeted US bases in Kuwait and Jordan following Washington's strikes on Iran, Al Jazeera, a Middle East broadcaster, reported, citing the IRGC.

Dow JonesNasdaq CompositeS&P 500$ARM$GOOG$GOOGL$MS$MSFT$SMH
Update: Nasdaq Composite Snaps 6-Day Slump as Microsoft Soars
US Markets

Update: Nasdaq Composite Snaps 6-Day Slump as Microsoft Soars

(Updates with market moves at the end of the day.)The Nasdaq Composite surged Thursday, rebounding after a six-day losing streak, as Microsoft's (MSFT) shares moved 16% higher in a post-earning rally.The technology-heavy Nasdaq gained 2.8% to close at 25,122.18, its biggest single-day percentage gain since June 15. The S&P 500 rose 1.7% to 7,437.63, while the Dow Jones Industrial Average climbed 1.2% to 52,208.06. Among sectors, tech paced the gainers with a 5.2% advance, while communication services led the laggards.Microsoft soared almost 16%, the top gainer on the Dow. Its quarterly results released late Wednesday topped estimates driven by a revenue surge in cloud computing platform Azure."This year, Azure revenue surpassed $100 billion for the first time, and Microsoft 365 Copilot reached over 30 million paid seats, reflecting the confidence customers are placing in us to power their (artificial intelligence) transformation," Chief Executive Satya Nadella said in a statement on Wednesday.Sandisk (SNDK) surged 26%, the top performer on the S&P 500, while other chip-related stocks also logged sharp gains, such as Micron Technology (MU), Advanced Micro Devices (AMD), and Intel (INTC).Meta Platforms' (META) shares slumped 8% as the technology giant provided a soft third-quarter revenue outlook following an unexpected year-over-year decline in quarterly earnings. It raised the lower end of its capital expenditure guidance."Microsoft shows clearer AI revenue through Azure and Copilot, while Meta still depends mainly on advertising," Saxo Bank said in a report.Amazon.com (AMZN) was the Dow's third-biggest gainer, up 3.9%. The e-commerce giant and Apple (AAPL) released their latest quarterly results after the closing bell on Thursday.Treasury yields were mixed, with the 10-year rate up 5.1 basis points at 4.67%, while the two-year rate was little changed at 4.25%.In economic news, the US personal consumption expenditure price index fell 0.1% month over month in June, marking the first decline since April 2020, the Bureau of Economic Analysis reported Thursday. That helped cut the year-over-year rate to 3.7% from 4.1%.Separate data showed US economic growth slowed more than expected in the second quarter, though consumer spending seemed to shrug off intensifying price measures.West Texas Intermediate crude oil was down 0.9% at $83.71 a barrel in Thursday late-afternoon trade, while Brent fell 1.8% to $89.15. Both benchmarks are on track for hefty gains this month, following two consecutive monthly declines.The US carried out fresh strikes against Iran on Wednesday in response to Tehran's attempted missile attacks on US forces in the Middle East a day earlier, the US Central Command said."Elevated energy prices are also clouding the inflation outlook for the (Federal Reserve), keeping upside inflation risks alive, with core PCE inflation having run above the Fed's 2% target for more than five years," TD Economics said. "While the Fed remained on the sidelines this week, financial markets continue to price a rate hike by year-end."The Federal Open Market Committee held the policy rate steady on Wednesday, in a divided decision that included three officials calling for a hike.Spot gold rose 1.1% to $4,113.71 per troy ounce, while silver advanced 2.3% to $59.43 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMD$AMZN$INTC$META$MSFT$MU$SNDK
Japan

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

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.

Dow JonesNasdaq CompositeS&P 500$ALNY$AMD$INTC$MSFT$MU
Japan

Update: US Equity Indexes Surge as Microsoft's Quarterly Results Spark Rebound in Chipmakers Ahead of Amazon's Earnings

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes soared following a bounce in semiconductors, as investors anchored to Microsoft's (MSFT) quarterly results showing AI monetization while awaiting results from Amazon.com (AMZN) and Apple (AAPL) after the bell.The Nasdaq Composite jumped 2.7% to 25,097.2, the S&P 500 was up 1.6% to 7,435.5, and the Dow Jones Industrial Average climbed 1.2% to 52,231.8 ahead of Thursday's close. Technology was the standout gainer, up 5%.The Microsoft intelligent cloud segment's revenue increased 32% to $39.31 billion, buoyed by 43% growth in Azure and other cloud services, according to the company. Analysts expected a 40% year-over-year advance in Azure sales."This year, Azure revenue surpassed $100 billion for the first time, and Microsoft 365 Copilot reached over 30 million paid seats, reflecting the confidence customers are placing in us to power their (artificial intelligence) transformation," Chief Executive Satya Nadella said in a statement. Shares of Microsoft soared 17%, one of the top gainers on the S&P 500, Nasdaq, and the Dow.VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, soared 6.7%, as chipmakers are major beneficiaries of AI-related spend. Investors will watch Amazon's AI-related growth in both revenue and spend when it announces quarterly results after the bell.Among companies with a market capitalization of more than $200 billion, six of the top 10 gainers in the final leg of trading were from the semiconductors and semiconductor equipment and materials industries, according to data compiled by Finviz.In economic news, the personal consumption expenditures, or PCE, price index fell 0.1% in June, as expected, cutting the year-over-year rate to 3.7% from 4.1%. The price index rose by 0.5% in May. The core PCE price index climbed 0.1% in June, below the 0.2% gain expected and following a 0.3% growth in May. The year-over-year rate dropped to 3.3% from 3.4%, according to the Bureau of Economic Analysis.US Treasury yields traded mixed, with the 10-year up 4.5 basis points to 4.67%. The two-year was steady at 4.24%.Late Wednesday, the US Central Command forces completed a "heavy wave" of strikes against Iran in response to Tuesday's attempted missile attacks on US forces, according to CENTCOM. Meanwhile, the Islamic Revolutionary Guard Corps targeted US bases in Kuwait and Jordan following Washington's strikes on Iran, Al Jazeera, a Middle East broadcaster, reported, citing the IRGC.The front-month US West Texas Intermediate was down 1.1% at $83.55 a barrel, while global benchmark North Sea Brent declined 1.9% to $89.03 a barrel.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$MSFT$SMH
Update: Equities Rise Intraday as Microsoft's Post-Earnings Rally Lifts Tech Sector
US Markets

Update: Equities Rise Intraday as Microsoft's Post-Earnings Rally Lifts Tech Sector

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, supported by the technology's sector's advance as Microsoft (MSFT) shares surged, while traders parsed fresh inflation data.The Nasdaq Composite was up 2.6% at 25,074.4 after midday Thursday, while the S&P 500 rose 1.5% to 7,424.6. The Dow Jones Industrial Average climbed 1.1% to 52,145.7. Among sectors, tech saw the steepest rise with a gain of 5.1%, while communication services led the laggards.Microsoft was up nearly 17%, the top gainer on the Dow and among the best performers on the S&P 500. Its quarterly results released late Wednesday topped estimates driven by a revenue surge in cloud computing platform Azure.Chip-related stocks were sharply higher, with Sandisk (SNDK) surging 25%, the top performer on the Dow. Micron Technology (MU), Advanced Micro Devices (AMD), and Intel (INTC), also advanced.Amazon.com (AMZN) followed Microsoft on the Dow, up 4.9%. The e-commerce giant and Apple (AAPL) are scheduled to release their latest quarterly results after markets close Thursday.Meta Platforms' (META) shares slumped 9.2% intraday as the technology giant provided a soft third-quarter revenue outlook following an unexpected year-over-year decline in quarterly earnings. It raised the lower end of its capital expenditure guidance."Microsoft shows clearer (artificial intelligence) revenue through Azure and Copilot, while Meta still depends mainly on advertising," Saxo Bank said in a report.In economic news, the US personal consumption expenditure price index fell 0.1% month over month in June, marking the first decline since April 2020, the Bureau of Economic Analysis reported Thursday. That helped cut the year-over-year rate to 3.7% from 4.1%."While lower gasoline prices provided a boost to households' purchasing power in June, that support may prove temporary as energy prices have moved higher amid renewed US-Iran tensions," TD Economics said in a report.West Texas Intermediate crude oil was down 0.6% at $83.96 a barrel intraday, while Brent fell 1.2% to $89.67. Both benchmarks are on track for hefty gains this month, following two consecutive monthly declines.The US carried out fresh strikes against Iran on Wednesday in response to Tehran's attempted missile attacks on US forces in the Middle East a day earlier, the US Central Command said."Elevated energy prices are also clouding the inflation outlook for the (Federal Reserve), keeping upside inflation risks alive, with core PCE inflation having run above the Fed's 2% target for more than five years," TD Economics said. "While the Fed remained on the sidelines this week, financial markets continue to price a rate hike by year-end."The Federal Open Market Committee held the policy rate steady on Wednesday, in a divided decision that included three officials calling for a hike.Treasury yields were mixed intraday, with the 10-year rate up 3.9 basis points at 4.66%, while the two-year rate fell 1.3 basis points to 4.22%.In other economic news, US real gross domestic product increased at a 1.5% annualized rate in the quarter ended June, according to an advance government estimate released Thursday. The consensus was for 2% growth in a survey compiled by Bloomberg.Spot gold rose 0.8% to $4,101.62 per troy ounce, while silver advanced 1.5% to $58.94 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMD$AMZN$INTC$META$MSFT$MU$SNDK
Asia Markets

Update: US Equity Indexes Surge as Rebound in Chipmakers Boosts Technology

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes rose amid a bounce in semiconductors as investors anchored to Microsoft's (MSFT) quarterly results showing AI monetization and a closely watched inflation gauge fell in June.The Nasdaq Composite jumped 2.6% to 25,069.1, the S&P 500 was up 1.5% to 7,424.5, and the Dow Jones Industrial Average climbed 1.1% to 52,152.7 after midday Thursday. Technology was the standout gainer, up 5%, while communication services led the decliners.The Microsoft intelligent cloud segment's revenue increased 32% to $39.31 billion, buoyed by 43% growth in Azure and other cloud services, according to the company. Analysts expected a 40% year-over-year advance in Azure sales."This year, Azure revenue surpassed $100 billion for the first time, and Microsoft 365 Copilot reached over 30 million paid seats, reflecting the confidence customers are placing in us to power their (artificial intelligence) transformation," Chief Executive Satya Nadella said in a statement. Shares of Microsoft soared 17%, one of the top gainers on the S&P 500, Nasdaq, and the Dow.Arm (ARM) jumped 6.2% after the semiconductor group reported a fiscal Q1 beat for adjusted earnings and revenue.Meta Platforms (META) slumped 9%, one of the worst performers on the Nasdaq. The firm provided a soft Q3 revenue outlook following an unexpected decline in quarterly earnings, while it raised the lower end of its capital expenditure guidance.VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, soared 6.8%, as chipmakers are major beneficiaries of AI-related spend. Among companies with a market capitalization of more than $200 billion, seven of the top 10 gainers after midday Thursday were from the semiconductors and semiconductor equipment and materials industries, according to data compiled by Finviz.In economic news, the personal consumption expenditures, or PCE, price index fell 0.1% in June, as expected, cutting the year-over-year rate to 3.7% from 4.1%. The price index rose by 0.5% in May. The core PCE price index climbed 0.1% in June, below the 0.2% gain expected and following a 0.3% growth in May. The year-over-year rate dropped to 3.3% from 3.4%, according to the Bureau of Economic Analysis.An advance BEA reading of gross domestic product showed 1.5% growth in Q2, after a 2.1% increase in Q1 and missing the 2.0% gain forecast in a Bloomberg-compiled survey.US initial jobless claims rose sequentially to 197,000 in the week ended July 25 from an upwardly revised 188,000, versus expectations for an increase to 200,000 in a Bloomberg-compiled poll. The four-week moving average, however, fell 5,000 to 202,750, the US Labor Department reported.US Treasury yields traded mixed, with the 10-year up 3.7 basis points to 4.66%. The two-year fell 1.5 basis points to 4.22%.In precious metal markets, gold futures jumped 1.8% to $4,107.5, and silver futures advanced 1.5% to $58.94.The front-month US West Texas Intermediate was down 0.7% at $83.84 a barrel, while global benchmark North Sea Brent declined 1.5% to $89.38 a barrel.Late Wednesday, the US Central Command forces completed a "heavy wave" of strikes against Iran in response to Tuesday's attempted missile attacks on US forces, according to a CENTCOM statement.Meanwhile, the Islamic Revolutionary Guard Corps targeted US bases in Kuwait and Jordan following Washington's strikes on Iran, Al Jazeera, a Middle East broadcaster, reported, citing the IRGC.A drone strike on gas vessels in Egypt's Mediterranean port of Damietta on Wednesday raised the prospect of threats to navigation through the Suez Canal, one of the last remaining export routes for Saudi oil, Reuters reported.

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