The S&P 500 and Nasdaq 100 closed at new record highs on Thursday (July 24), up 0.1% and 0.2%, respectively. This was supported by Alphabet's strong earnings, which bolstered investor confidence in AI investments.
Alphabet shares rose 1% after the company beat second-quarter expectations and raised its 2025 capital spending forecast by $10 billion, lifting shares of other tech giants like Microsoft, Nvidia, and Amazon. Tesla fell 7.9% after CEO Elon Musk warned of challenging quarters ahead. The Dow Jones Industrial Average weakened, dropping 270 points, pressured by an 8% drop in IBM shares due to disappointing earnings and a 4.7% drop in UnitedHealth shares, which revealed a Department of Justice investigation.
The market was also focused on President Trump's surprise visit to the Federal Reserve, where he increased pressure on Chairman Powell regarding interest rates. Meanwhile, trade negotiations remain a major topic, with progress reported in talks with the European Union, Japan, and South Korea—although Trump has indicated that no tariffs will fall below 15%. (alg)
Source: Trading Economics
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