Tech Giants Drive Wall Street Amid Inflation Concerns and Tariff Talks
The S&P 500 and Nasdaq retreated from record highs as investors focused on upcoming Apple and Amazon earnings. Highlights included Microsoft's $4 trillion market cap and AI-driven growth in Meta's ad business. Inflation concerns and tariff discussions influenced market movements, while the Fed kept rates unchanged.
The S&P 500 and Nasdaq retreated from their record highs on Thursday, as Wall Street turned its attention to upcoming earnings from tech giants Apple and Amazon. Microsoft's impressive earnings report propelled its valuation past $4 trillion, marking a significant milestone for the company.
Meta Platforms witnessed a 12.1% surge to a historic high, driven by its robust AI-based advertising revenue growth. Meanwhile, the Nasdaq Composite experienced a substantial rise before trimming gains, with the S&P 500 seeing modest advancement.
Market sentiment was impacted by a Commerce Department report indicating rising inflation, reinforcing the Federal Reserve's decision to maintain unchanged interest rates. Investors also monitored trade developments, as President Trump emphasized upcoming tariff deadlines and non-farm payrolls data awaited release.
(With inputs from agencies.)
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