Yahoo Finance
US stocks staged a major comeback on Thursday morning after a Fed-fueled sell-off, as Microsoft (MSFT) stockled tech gainsand more earnings were on deck.
But fresh US attacks on Iran, a bond rout, and worries about AI spending kept investors on guard.
The Dow Jones Industrial Average (^DJI) advanced 0.5%, while the SP 500 (^GSPC) rose 0.8%.
The Nasdaq Composite (^IXIC) led gains, jumping 1.5% after the Nasdaq-100 (^NDX) indexentered a correction on Wednesday, led by heavy declines in chip stocks.
The fortunes of Meta (META) and Microsoft (MSFT) stocks diverged after the two "Magnificent Seven" stalwarts reported earnings on Wednesday afternoon.
Meta shares fell by about 9% in early trading, extending their historic losing streak, after the tech giant'searnings missadded to worries about its ability to recoup AI investments.
Microsoft's stockjumped more than 11%, meanwhile, after its Azure cloud businesstopped $100 billion in revenuefor the first time.
Amazon (AMZN) is the next hyperscaler to face Wall Street scrutiny on its capital expenditures and cloud business when it reports earnings after the bell.
Apple (AAPL) will alsorelease results, where the focus will be on margins amid memory chip price hikes.
Traders continue to digest the Federal Reserve's decision tohold rates steadyon Wednesday as the bond market revolts, sending the 30-year Treasury yield to amultidecade highnear 5.24% on Thursday.
Although oil prices were flat Thursday morning,US strikes on a dozen Iranian targetsovernight threatened to spiral into another escalation in the war, which could rekindle inflation.
PCE pricing data on Thursday showed inflation advancing at a slower pace in June than in the previous month, which will be welcome news for the Federal Reserve, especially as GDP data from the Commerce Department showed the US economy grew at a slower pace than expected in the second quarter..
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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