Nasdaq Jumps 1.5% While S&P 500 Rises 0.8% on Monster Post-Earnings Gains from Meta and Microsoft
Stocks rose Thursday following solid earnings reports from tech giants Microsoft and Meta Platforms.
“Magnificent Seven” titans Microsoft and Meta respectively rose about 8% and 11% on the back of better-than-expected quarterly earnings. Software giant Microsoft said that annual revenue from its cloud computing service Azure exceeded $75 billion. Meta issued an upbeat third-quarter sales outlook, surpassing the Street’s estimates.
Fellow Mag-7 names Apple and Amazon are slated to report earnings after the bell Thursday.
U.S. Treasury Secretary Scott Bessent on Thursday said negotiations with China are at a point where both sides ” have the makings of a deal.” Bessent did not give any details on a potential deal, however, nor did he indicate when such an agreement could be made. The U.S. and China have until Aug. 12 before the truce over aggressive tariffs runs out.
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