Stocks Soar Amid Economic Resilience and Legal Triumphs
The S&P 500 and Nasdaq reached new highs thanks to robust economic data and high earnings. Despite Netflix's revenue boost, its shares dropped. Cryptocurrency stocks climbed as legislation passed. Chevron acquired Hess after a court victory over Exxon. Meanwhile, Fed rate cut predictions remain prominent.
The S&P 500 and Nasdaq hit fresh peaks on Friday, driven by robust economic performance and favorable earnings reports, suggesting a resilient U.S. economy. The University of Michigan reported an improvement in consumer sentiment, further bolstering market confidence.
Reflecting the market's dynamics, Netflix shares fell despite elevated revenue guidance due to the 'Squid Game' success. In contrast, cryptocurrency stocks saw gains after regulatory progress in the House. Chevron's legal victory against Exxon Mobil paved the way for its $55 billion Hess acquisition.
While the market displayed strength, concerns linger over potential tariff impacts and Federal Reserve rate decisions. Amid Trump's criticism of Fed Chair Powell, discussions around interest rate cuts remain watchful, with a potential cut foreseen in September.
(With inputs from agencies.)
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