Please try another search
© Reuters
Investing.com -- The Dow closed higher Thursday as a surge in Google underpinned a sea of green in tech just as investors digested better-than-expected quarterly results from Pepsico and Delta, a day ahead of results from major Wall Street banks.
The Dow Jones Industrial Average rose 0.14%, or 47 points, and the Nasdaq was up 1.6%, and the S&P 500 rose 0.8%.
PepsiCo Inc (NASDAQ:PEP) reported better-than-expected second-quarter results and lifted its full outlook as price hikes helped offset higher input costs. Its shares rose more than 2%.
Delta Air Lines (NYSE:DAL) reported record quarter results that topped Wall Street estimates, though sentiment on the stock cooled somewhat after the airline said capacity constraints were expected to remain for an “extended period.”
Alphabet (NASDAQ:GOOGL) rose more than 4% after launching Bard AI, in Brazil and the European Union, as the tech giant looks to take the AI fight to rival ChatGPT.
Google Search, which still makes up the bulk of Alphabet’s revenue, will likely become "more personalized” and develop “critical competitive moats” as the tech giant invests further in AI, Morgan Stanley said in a note.
Meta Platforms Inc (NASDAQ:META), meanwhile, was also riding the AI wave as the social media giant is set to release a commercial version of its AI large learning model, which was made available to researchers and academics earlier this year.
Sentiment on Meta was also boosted after TD Cowen upgraded the social media giant to outperform from perform on expectations that performance will likely be boosted by further cost cuts and monetization from Reels and Threads.
Just a day after investors cheered slowing consumer price pressures, producer prices in June also slowed more than expected, according to the data released Thursday.
The Price producer index rose 0.1% in June, compared with expectations for a 0.2% rise, showing that “earlier policy initiatives are already working to cool inflation towards the Fed’s intended goal, particularly on the producer side,” Stifel said in a note.
Weekly jobless claims, however, fell more than expected in the week ended July 7, signaling that the labor market remains too strong for the Fed to signal that it may stop raising rates after a widely expected hike next week.
“We're going to probably see the Fed move [focus] towards the tightness in that labor market as a bigger factor than where just top-line prices go at this point,” Brian Mulberry, client portfolio manager at Zacks Investment Management told Investing.com's Yasin Ebrahim in an interview on Wednesday.
Amazon (NASDAQ:AMZN) rose more than 2% after reporting that U.S. online sales from its Prime Day promotional campaign jumped 6.1% to $12.7 billion.
During the two-day sales bonanza, 375 million items were sold worldwide, making it the biggest Prime Day event ever, according to Amazon.
JPMorgan Chase & Co (NYSE:JPM) is among a trio of Wall Street banks including Citigroup Inc (NYSE:C) and Wells Fargo & Company (NYSE:WFC) set to deliver quarterly results before the U.S. markets open Friday.
The results will serve as a further gauge of the stability in the banking sector following the turmoil earlier in the spring. Beyond the earnings data, deposit growth and any sign of weaker credit conditions will likely dominate attention.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.