Tesla, IBM and Meta Platforms helped lead most U.S. stocks higher on Thursday following a rush of profit reports from some of the country’s most influential companies. The S&P 500 rose 0.5%, as four out of every five stocks in the index climbed.
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The S&P 500 rose 0.5%, as four out of every five stocks in the index climbed. The Dow Jones Industrial Average added 168 points, or 0.4%, and the Nasdaq composite gained 0.3%.
Wall Street's main indexes rose on Thursday, driven by post-earnings advances in Meta and Tesla, although Microsoft's weak cloud forecast and downbeat results from Cigna dampened investor enthusiasm. Microsoft MSFT.O dropped 4.7% after forecasting disappointing growth in its cloud computing business.
Microsoft shares slumped on Thursday after the company's earnings left investors disappointed overnight. Meanwhile, Meta and Tesla traded higher, having shaken off the initial weakness that greeted their latest results.
Asia markets are mostly higher following gains on Wall Street driven by Tesla, IBM and Meta Platforms after strong profit reports
TSLA, META, MSFT, IBM, NVDA were among the stocks that dominated investor attention on the day Federal Reserve chose to keep the interest rates steady.
S&P 500 futures are up 0.5%. Dow Jones Industrial Average futures are gaining 0.4%. Nasdaq 100 futures are rising 0.7%. On Wednesday, the Dow Jones Industrial Average fell 137 points, or 0.31%, to 44,
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IBM reported a 1% rise in revenues overall, while its software unit grew 10% on a year-over-year basis amid growing demand for artificial intelligence and its operating system known as Red Hat Linux. CEO Arvind Krishna also said that the company posted $5 billion in bookings for its generative AI segment.