
Wall Street leaps to 1-month highs as Microsoft, Meta surge
NEW YORK: Wall Street's main indexes jumped to around one-month highs on Thursday, with the tech-heavy Nasdaq leading gains, as strong quarterly results from heavyweights Microsoft and Meta pointed to a resilient outlook for the technology sector.
Microsoft surged 9% to its highest level since late January, driven by an upbeat quarterly growth forecast for its cloud-computing business Azure. The jump helped the stock surpass Apple to became the world's most valuable company.
Meta Platforms gained 5.6% after posting higher-than-expected revenue on the back of a strong advertising performance.
The ongoing tech earnings represent a 'critical inflection point' for the market, said Joe Tigay, portfolio manager of Rational Equity Armor Fund.
'Microsoft, Amazon, and their peers aren't just reporting numbers, they're revealing whether businesses are doubling down on cloud and IT or pulling back amid trade wars and economic uncertainty.'
The fallout from erratic shifts in US trade policy has been the dominant theme this earnings season, with many companies slashing or withdrawing their profit outlooks. Still, S&P 500 first-quarter earnings are seen growing 12.9% on an annual basis, per LSEG data.
Results from megacaps Amazon.com and Apple are due after markets close. Amazon shares were up 2.9%.
Apple shares were little changed, lagging the rest of the 'Magnificent Seven' stocks after a federal judge ruled the iPhone maker had violated a US court order to reform its App Store.
The S&P 500 and Dow were at nearly one-month highs, while the Nasdaq jumped to its highest since March 28. The S&P 500 is headed for an eight-session winning streak, its best since August, if gains hold.
At 11:44 a.m. ET, the Dow Jones Industrial Average rose 333.61 points, or 0.82%, to 41,001.86, the S&P 500 gained 71.53 points, or 1.28%, to 5,640.59 and the Nasdaq Composite gained 398.64 points, or 2.28%, to 17,844.98.
Other technology megacaps also rose, with Nvidia up 4.8%. That lifted the information technology and communication services sectors 3.3% and 2.1%, respectively, to over one-month highs.
The day's economic data releases were mixed.
Weekly jobless claims, coming in ahead of Friday's crucial nonfarm payrolls data, showed layoffs increased more than expected last week, potentially hinting at a pick-up in job cuts following tariffs.
ISM PMI data showed US manufacturing contracted further in April, though slightly less than expected by economists polled by Reuters.
That followed Wednesday's data showing the US economy contracted for the first time in three years in the last quarter.
Among other earnings, Eli Lilly lost 10.7% after its quarterly results, pressuring the healthcare sector, while McDonald's dipped 0.7% after posting a surprise drop in first-quarter global sales.
Mobile chip designer Qualcomm fell 8.3% after it forecast a hit to revenue from the trade war.
General Motors gained 0.9% after offering a new forecast for 2025 core profit.
Advancing issues outnumbered decliners by a 2.09-to-1 ratio on the NYSE and by a 1.68-to-1 ratio on the Nasdaq.
The S&P 500 posted 9 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 33 new highs and 44 new lows.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
9 hours ago
- Business Recorder
US stocks edge higher on trade progress, inflation data
NEW YORK: Wall Street stocks edged higher early Wednesday after US and Chinese officials touted progress on trade talks and US consumer inflation rose modestly. US President Donald Trump said 'our deal with China is done' after two days of talks in London, while noting in a social media post that provisions on rare earths and allowing Chinese students at US universities were subject to presidential approval. Meanwhile, the US consumer price index came in at 2.4 percent from a year ago after a 2.3 percent reading in April, a modest uptick that analysts said still did not fully reflect the impact from Trump's tariffs. About five minutes into trading, the Dow Jones Industrial Average was flat at 42,861.97. Wall St muted as investors track progress of US-China trade talks The broad-based S&P 500 rose less than 0.1 percent to 6,041.15, while the tech-rich Nasdaq Composite Index gained 0.1 percent to 19,743.54. Peter Cardillo of Spartan Capital Securities described the developments as good news for stocks, but added that the inflation figures will probably not alter the Federal Reserve's wait-and-see posture on monetary policy. 'I still don't think that today's inflation data will change the minds of the Fed to remain cautious,' Cardillo said.


Business Recorder
9 hours ago
- Business Recorder
Trump touts ‘done' deal with Beijing on rare earths, Chinese students
WASHINGTON: US President Donald Trump touted ties with China as 'excellent' on Wednesday, saying the superpowers reached a deal after two days of talks aimed at preserving a truce in their damaging trade war. Trump said on his Truth Social platform that China would supply rare earth minerals and magnets – vital elements for US industries – while Washington would allow Chinese students to remain in US universities. His post came hours after top US and Chinese negotiators announced a 'framework' agreement late Tuesday following two days of marathon talks in London. 'Our deal with China is done,' Trump wrote, adding that the agreement was still 'subject to final approval with President Xi (Jinping) and me.' 'President XI and I are going to work closely together to open up China to American Trade,' he said in a second post. 'This would be a great WIN for both countries!!!' US, China set for trade talks in London on Monday US stock markets showed little enthusiasm despite Trump's latest statements, with the broad-based S&P 500 and the Dow flat while the tech-heavy Nasdaq edged higher in morning deals. 'Candid' talks The two sides had agreed to reduce their tit-for-tat, triple-digit tariffs during talks in Geneva last month, but cracks appeared in the detente after Trump accused China of violating the deal. Washington was concerned at slower supplies of rare earths after Beijing in early April began requiring domestic exporters to apply for a license – widely seen as a response to US tariffs. Rare earths are used in everything from electric vehicles to hard drives, wind turbines and missiles. US Commerce Secretary Howard Lutnick said in London on Tuesday that US measures imposed when rare earths 'were not coming' would likely be relaxed once Beijing moved forward with more license approvals. In his Truth Social post, Trump said China will supply 'full magnets, and any necessary rare earths… up front.' Washington has infuriated Beijing by vowing to revoke the visas of Chinese students – a major source of revenue for US universities. On Wednesday, Trump said: 'We will provide to China what was agreed to, including Chinese students using our colleges and universities.' The US president also said that under the deal, the United States would apply 55 percent tariffs on Chinese goods – a combination of his 30 percent additional levies and the rough average of pre-existing duties, a White House official said. He said Beijing would charge 10 percent duties on US goods. The rates are the same as those that were previously agreed in the truce, which brought US tariffs down from 145 percent and those imposed by China from 125 percent. In a Chinese state media readout of the talks released Wednesday, Vice Premier He Lifeng, who headed Beijing's team in London, stressed the need for the two sides to strengthen cooperation in future dialogue. 'As a next step, the two sides should… continuously enhance consensus, reduce misunderstandings and strengthen cooperation,' He Lifeng said, according to state broadcaster CCTV. Speaking to reporters in London, China International Trade Representative Li Chenggang said: 'Our communication has been very professional, rational, in-depth and candid.'


Express Tribune
11 hours ago
- Express Tribune
Android 16 released ahead of schedule, available to select Google Pixel users: Here are all the exciting new features
Android 16 has officially launched, arriving ahead of schedule this year with several innovative features that are set to enhance the user experience. The new operating system version debuted on select Google Pixel models this week, following a public beta release in January. Android enthusiasts can expect more devices to receive the update in the coming months. This year's early June release comes several months ahead of the usual August-September launch window, with Google aiming to make waves in the tech industry, particularly by competing with Apple's iOS 26 beta. ✨New✨ features that will give you(r device) main character energy. Learn more about the updates on Android: 👇👇👇 — Android (@Android) June 10, 2025 Live Updates and Improved Notifications Among the highlights of Android 16 is the introduction of Live Updates, a feature akin to Apple's Live Activities. This allows app developers to incorporate notifications with live progress bars, enabling users to track activities like Uber trips or food deliveries in real-time. While the feature is now available for developers, full functionality, such as expanded notifications on the always-on display, will roll out in a future update. Another improvement is the automatic grouping of notifications from a single app, making it easier for users to stay organised without feeling overwhelmed by a barrage of alerts. Aesthetic Updates and App Changes Android 16 also brings aesthetic changes with a focus on user interface design. Google is pushing for apps to adapt to edge-to-edge screens, eliminating the previous option for developers to opt out. This update lays the groundwork for a future Material 3 Expressive update, which will further refine the visual experience. Predictive Back and Scam Protection Android 16 makes Predictive Back the default setting, reintroducing a feature first seen in Android 13. This allows users to preview where the back button will take them, helping to streamline navigation and make the system more intuitive. Security is another area where Android 16 shines, particularly with its new Activated Protection features. This includes a Scam Detection AI tool that warns users about common scams like crypto fraud, technical support deceptions, and toll road scams. In addition, Android 16 introduces in-call protections to prevent users from accidentally granting malicious access to their devices. Rolling Out Across Devices While Android 16 is initially available on Google Pixel devices, the broader rollout to other Android phones will take place over the coming months. Android users can expect to see these exciting new features, which aim to improve both the functionality and security of their smartphones, becoming standard on their devices soon.