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Strong cloud results lifted Amazon and chipmakers, while Apple's service revenue shortfall sent its stock lower ahead of Friday's open
The Wall Street Journal reports Tesla is considering selling its China business to facilitate a future merger with SpaceX.
The tech rebound has legs. Stock futures were rising early Friday as the technology sector looked set to end a bad July on a positive note despite disappointing earnings from Apple. S&P 500 futures rose 0.
Federal Open Market Committee (FOMC) dissension just reached a new (and dubious) milestone.
Stocks were on track to end the week on an upbeat note after Big Tech earnings revived optimism in the artificial intelligence trade.
<body><p>STORY: U.S. stocks ended sharply higher on Thursday, with the Dow gaining more than one percent, the S&P 500 climbing one-and-two-thirds percent and the Nasdaq rallying more than two-and-three-quarters percent.</p><p>:: Microsoft</p><p>Shares of Microsoft soared more than 15% to log their biggest daily percentage gain in 18 years, after the tech giant gave a stellar forecast that eased fears about massive spending on AI infrastructure.</p><p>That boosted overall market sentiment, says Mary Ann Bartels, chief investment strategist at Sanctuary Wealth.</p><p>“I think the real focus is on Microsoft and their earnings report. There's been a lot of concern about the hyperscalers, the money that they're spending and whether or not they're going to get a return on their capital. And Microsoft eased their concerns. Their spend on their cloud they didn't raise, and their return on their cloud was positive. So the market's really hyper focused, I think, that things aren't that bad.”</p><p>:: Amazon</p><p>After the close, Amazon gave investors more reason to cheer when it topped market expectations for quarterly cloud revenue growth on the back of surging enterprise AI spending, signaling the company's hefty investments were bearing fruit. Its shares, up nearly 4% at the close, surged more than 8% in extended trading.</p><p>Also after the bell, Apple reported sales and profits that beat Wall Street expectations, fueled by its customers snapping up iPhones and MacBooks amid price increases across the consumer electronics sector. Its shares, however, dipped more than 2% in extended trading.</p><p>:: Meta Platforms</p><p>And shares Meta tumbled 8% after the social media heavyweight reported a 91% drop in second-quarter free cash flow, a sign that its costly AI buildout was causing a financial strain.</p></body>
Phillips 66 (PSX) closed the most recent trading day at $210.6, moving +1.83% from the previous trading session.
In the closing of the recent trading day, Ralph Lauren (RL) stood at $385.91, denoting a +2.72% move from the preceding trading day.
In the closing of the recent trading day, Lucid Group (LCID) stood at $8.12, denoting a +2.01% move from the preceding trading day.
Samsara Inc. (IOT) closed the most recent trading day at $35.8, moving 7.61% from the previous trading session.
Dropbox (DBX) closed at $32.11 in the latest trading session, marking a -3.66% move from the prior day.
Crescent Energy (CRGY) closed the most recent trading day at $11.17, moving +1.09% from the previous trading session.
The latest trading day saw Copart, Inc. (CPRT) settling at $29.57, representing a -4.07% change from its previous close.
In the closing of the recent trading day, Western Midstream (WES) stood at $47.52, denoting a +1.13% move from the preceding trading day.
In the most recent trading session, ATI (ATI) closed at $181.9, indicating a +2.24% shift from the previous trading day.
In the latest trading session, Kyndryl Holdings, Inc. (KD) closed at $13.51, marking a -3.57% move from the previous day.
Booking Holdings (BKNG) concluded the recent trading session at $193.24, signifying a -4% move from its prior day's close.
In the closing of the recent trading day, Kroger (KR) stood at $57.86, denoting a -3.36% move from the preceding trading day.
Signet (SIG) reached $95.88 at the closing of the latest trading day, reflecting a -3.01% change compared to its last close.
Trip.com (TCOM) concluded the recent trading session at $46.48, signifying a +1.04% move from its prior day's close.
U.S. stocks rallied, with the Nasdaq jumping 2.8%, as Microsoft’s robust earnings report restored momentum to the artificial-intelligence boom.
Exxon earnings and Chevron earnings are on deck early Friday, and Wall Street expects a massive profit spurt. As usual, both Exxon Mobil and Chevron provided key updates ahead of their reports. For Q2, analysts expect Exxon Mobil earnings per share to more than double to $3.56, FactSet shows.