Markets Soar to New Records on Alphabet Earnings, Trump Visits Fed Amid Tensions
Markets Soar to New Records on Alphabet Earnings, Trump Visits Fed Amid Tensions
US stock markets reached fresh all-time highs on Thursday, with both the S&P 500 and Nasdaq Composite recording significant gains. The surge was primarily driven by better-than-expected second-quarter earnings from tech giant Alphabet, which saw its shares climb 1% after the Google parent surpassed revenue and earnings forecasts. The S&P 500 and the tech-heavy Nasdaq Composite both rose by 0.3%, signaling investor confidence in the return on artificial intelligence investments.
Despite the broader market rally, the Dow Jones Industrial Average dipped by 0.5%, or 212 points, weighed down by an 8% decline in IBM shares following a miss on software revenue expectations. Tesla also experienced an 8% drop as its auto revenue fell for the second consecutive quarter.
Adding a notable political dimension to the day’s market activity, President Donald Trump made an unprecedented visit to the Federal Reserve on Thursday. This marks the first official trip by a sitting American president to the central bank in nearly two decades, escalating his ongoing pressure campaign against Chairman Jerome Powell.
The day’s robust performance built on a strong Wednesday, which saw the S&P 500 achieve its 12th record close of the year and the Nasdaq Composite settle above 21,000 for the first time. Progress in trade talks, with reports indicating the US is nearing a deal with the European Union that could involve a 15% tariff on EU imports, also contributed to the positive market sentiment.
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