Stock market today: S&P 500 notches 4th consecutive record as Google earnings fuel AI hopes
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Stock market today: S&P 500 notches 4th consecutive record as Google earnings fuel AI hopes
The S&P 500 notched its fourth record close in a row on Thursday. The tech-heavy Nasdaq Composite rose 0.2% to also close at a fresh record. The Dow Jones Industrial Average dropped 0.6% amid a post-earnings slide in IBM. The EU and US are closing in on an agreement that would impose a 15% tariff for most imports from Europe.
The tech-heavy Nasdaq Composite (^IXIC) rose 0.2% to also close at a fresh record, while the S&P 500 ended up just 0.1% higher. The Dow Jones Industrial Average (^DJI) dropped 0.6% amid a post-earnings slide in IBM (IBM) shares.
Alphabet beat Wall Street’s second quarter earnings expectations and doubled down on its AI spending spree. The Google parent’s shares rose alongside other AI-linked stocks such as Nvidia (NVDA), helping buoy the tech-focused gauges.
Read more: Full earnings coverage in our live blog
But fellow “Magnificent Seven” stalwart Tesla’s (TSLA) stock sank after an earnings miss, a continued slump in European sales, and a warning from CEO Elon Musk that the EV maker faced “rough quarters” as President Trump’s budget bill kills off tax credits.
Trade deal hopes continued to run high after the US-Japan pact helped fuel more records for the S&P 500 and Nasdaq Composite on Wednesday.
The EU and US are closing in on an agreement that would impose a 15% tariff for most imports from Europe, instead of the 30% threatened, media reports said.
Read more: The latest on Trump’s tariffs
That rate is emerging as a potential new baseline for the “reciprocal” tariffs set to kick in on Aug. 1, going by Trump’s comments late Wednesday. Previously, the president had imposed a 10% baseline rate on countries as part of his sweeping April tariffs.
LIVE
22 updates
Stock market today: S&P 500 notches 4th consecutive record as Google earnings fuel AI hopes
The S&P 500 notched its fourth record close in a row on Thursday. The tech-heavy Nasdaq Composite rose 0.2% to also close at a fresh record. The Dow Jones Industrial Average dropped 0.6% amid a post-earnings slide in IBM. The EU and US are closing in on an agreement that would impose a 15% tariff for most imports from Europe.
The tech-heavy Nasdaq Composite (^IXIC) rose 0.2% to also close at a fresh record, while the S&P 500 ended up just 0.1% higher. The Dow Jones Industrial Average (^DJI) dropped 0.6% amid a post-earnings slide in IBM (IBM) shares.
Alphabet beat Wall Street’s second quarter earnings expectations and doubled down on its AI spending spree. The Google parent’s shares rose alongside other AI-linked stocks such as Nvidia (NVDA), helping buoy the tech-focused gauges.
Read more: Full earnings coverage in our live blog
But fellow “Magnificent Seven” stalwart Tesla’s (TSLA) stock sank after an earnings miss, a continued slump in European sales, and a warning from CEO Elon Musk that the EV maker faced “rough quarters” as President Trump’s budget bill kills off tax credits.
Trade deal hopes continued to run high after the US-Japan pact helped fuel more records for the S&P 500 and Nasdaq Composite on Wednesday.
The EU and US are closing in on an agreement that would impose a 15% tariff for most imports from Europe, instead of the 30% threatened, media reports said.
Read more: The latest on Trump’s tariffs
That rate is emerging as a potential new baseline for the “reciprocal” tariffs set to kick in on Aug. 1, going by Trump’s comments late Wednesday. Previously, the president had imposed a 10% baseline rate on countries as part of his sweeping April tariffs.
LIVE
22 updates