Tech Titans Lift Stock Market Amid Mixed Earnings and Economic Data

U.S. stocks closed below early highs Thursday, affected by diverse corporate earnings and economic data, as investors anticipated earnings from Amazon and Apple post-closing. Microsoft saw a rise after strong earnings pushed it past a $4 trillion market cap, a milestone only previously hit by Nvidia.

Meta Platforms reached a record high due to AI-driven growth in its core ad business, suggesting positive revenue forecasts. However, chipmakers such as Broadcom and Nvidia underperformed, impacting the PHLX semiconductor index. This led to a varied market landscape, with notable discrepancies between tech stocks.

Of the 297 S&P 500 companies reporting earnings, 80.8% exceeded analyst expectations. The S&P 500 shed 19.33 points to settle at 6,339.31, while the Nasdaq gained 8.40 points to 21,138.08. Meanwhile, the Dow Jones dropped 320.83 points amid concerns over inflation, impending tariffs, and stable job data.

(With inputs from agencies.)