US close: Stocks higher as Big Tech earnings take centre stage

30th Jul 2026 21:59

(Sharecast News) - Major indices closed higher on Thursday as traders digested a fresh wave of Big Tech earnings.

At the close, the Dow Jones Industrial Average was up 1.19% at 52,208.06, while the S&P 500 advanced 1.66% to 7,437.63, and the Nasdaq Composite saw out the session 2.78% higher at 25,122.18.

The Dow closed 613.92 points higher on Thursday, reclaiming roughly half of the previous session's losses.

Software giant Microsoft shares ticked higher on Thursday as it posted another strong quarter and set out plans for steady capital spending through 2026. Adjusted earnings per share came in at $4.74, while revenues rose 18% year‑on‑year to $90.01bn, ahead of the $87.62bn expected on the Street. Net income climbed to $35.77bn, helped by a $3.2bn gain from Microsoft's Anthropic investment and lower‑than‑anticipated costs from its voluntary retirement programme.

On the other hand, Meta Platforms slumped as investors reacted negatively to the firm's plans to ramp up spending on artificial intelligence despite a drop in quarterly profits. The Facebook and Instagram owner said revenues rose 28% year‑on‑year to $61bn, but quarterly profits fell 14% to $6bn. Meta also lifted its FY spending plans to $130bn to $145bn, largely directed toward AI infrastructure, up from the $125bn it outlined just three months earlier. Chief executive Mark Zuckerberg defended the investment push, saying AI development was "accelerating every part of our core business" and that Meta intends to commercialise its technology.

As to Thursday morning's earnings, Mastercard delivered a stronger‑than‑expected second quarter, with revenue up 14.1% year on year to $9.28bn, beating Wall Street forecasts, and non‑GAAP earnings of $5.04 per share coming in 5.5% ahead of consensus. The payments group posted pre‑tax profit of $5.49bn, a margin of 59.1%. Bristol‑Myers Squibb also impressed, with its shares rising in early trade after the drugmaker reported Q2 EPS of $2.04, well above the $1.61 expected, and revenues of $12.97bn, up 5% excluding currency effects and comfortably ahead of the $11.71bn forecast.

After the close, Apple posted stronger‑than‑expected third‑quarter results, with revenues up 16.4% to $109.42bn, ahead of forecasts, as higher iPhone and MacBook sales helped lift performance across its hardware lines. Earnings came in at $2.02 per share, including an $0.11 benefit from US tariff refunds. iPhone revenues jumped 21.7% to $54.25bn, beating consensus.

Amazon also reported earnings after the close, with the company delivering its first $200bn quarter, driven by a sharp acceleration in AWS and advertising. AWS revenues rose 37%, its fastest growth in more than four years, while overall earnings hit $5.75 per share, more than triple analysts' expectations. Group revenues reached $200.6bn, ahead of forecasts, and advertising sales climbed 26% year on year to $19.8bn.

Investors were also digesting the Fed's move to leave interest rates unchanged at Wednesday's meeting, a call that sent long‑dated Treasury yields higher, and news that US forces had completed a "heavy wave" of strikes against Iran in retaliation to Tehran's missile attacks on American forces in the region. US Central Command described the operation as a "powerful response" to attempted Iranian attacks on US forces in the region.

On the macro front, US inflation eased in June, with the Federal Reserve's preferred gauge posting its first monthly decline since 2020, reinforcing the central bank's decision to keep interest rates unchanged. The Bureau of Economic Analysis' headline personal consumption expenditures price index fell 0.1% on the month, driven largely by lower oil prices following a temporary truce between the US and Iran. The annual rate slowed to 3.7%, down from 4.1%, though was still well above the Fed's 2% target. The key core PCE measure, which strips out energy and was watched closely by policymakers, rose just 0.1% on the month, while its annual rate eased to 3.3% from 3.4%, offering a modest sign of cooling underlying pressures.

Elsewhere, Americans lined up for unemployment benefits at an accelerated pace in the week ended 25 July, according to the Labor Department, with initial claims rising by 9,000 to 197,000 from the prior week's 57-year low. Continuing claims, on the other hand, fell by 7,000 to 1.78m, below expectations of 1.8m, while the four week-moving average, which aims to strip out week-to-week volatility, dropped by 5,000 to 202,750. Also of note, the advance seasonally adjusted insured unemployment rate came to 1.2% for the week ended 18 July, unchanged from the previous week's unrevised rate.

On another note, US economic growth slowed sharply in the second quarter, with gross domestic product rising at an annualised 1.5%, according to the Bureau of Economic Analysis, below forecasts and down from 2.1% at the start of the year. The Q2 reading underscored the drag from the ongoing Iran conflict, with the BEA citing weaker government spending and softer gains in exports and business investment. A modest acceleration in consumer spending provided some offset, but overall momentum cooled noticeably as geopolitical tensions persisted.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Microsoft Corp. (MSFT) $451.10 15.43%

Intel Corp. (INTC) $91.13 4.72%

Goldman Sachs Group Inc. (GS) $1,024.86 4.50%

Caterpillar Inc. (CAT) $809.14 3.38%

Boeing Co. (BA) $220.90 3.22%

American Express Co. (AXP) $337.52 1.82%

JP Morgan Chase & Co. (JPM) $350.85 1.78%

Chevron Corp. (CVX) $192.31 0.23%

Unitedhealth Group Inc. (UNH) $421.47 0.21%

Dowdupont Inc. (DWDP) $0.00 0.00%

Dow Jones - Fallers

Salesforce.Com Inc. (CRM) $180.71 -4.07%

Johnson & Johnson (JNJ) $255.82 -3.66%

Travelers Company Inc. (TRV) $375.99 -3.35%

Cisco Systems Inc. (CSCO) $113.56 -2.78%

Walt Disney Co. (DIS) $96.16 -2.36%

Verizon Communications Inc. (VZ) $46.11 -2.35%

Nike Inc. (NKE) $42.29 -2.15%

Apple Inc. (AAPL) $333.43 -2.13%

International Business Machines Corporation (CDI) (IBM) $221.74 -2.08%

Amgen Inc. (AMGN) $387.64 -1.66%

S&P 500 - Risers

FMC Corp. (FMC) $11.83 18.18%

Quanta Services Inc. (PWR) $657.98 17.26%

Microsoft Corp. (MSFT) $451.10 15.43%

Huntington Ingalls Inds Inc Wi (HII) $319.90 14.09%

Western Digital Corp. (WDC) $533.04 13.10%

Chipotle Mexican Grill Inc. (CMG) $38.52 12.50%

Lincoln National Corp. (LNC) $46.02 11.08%

Lam Research Corp. (LRCX) $297.72 9.71%

Corning Inc. (GLW) $135.22 9.00%

Seagate Technology Plc (STX) $851.68 8.47%

S&P 500 - Fallers

LKQ Corporation (LKQ) $22.60 -13.97%

CH Robinson Worldwide Inc (CHRW) $146.92 -12.24%

Norwegian Cruise Line Holdings Ltd (NCLH) $18.72 -9.78%

Altria Group Inc. (MO) $67.94 -9.32%

Meta Platforms Inc. (META) $539.03 -9.09%

Verisk Analytics Inc. (VRSK) $200.35 -8.76%

Coterra Energy Inc. (CTRA) $32.56 -8.62%

L3Harris Technologies Inc. (LHX) $271.90 -8.61%

Gartner Inc. (IT) $152.92 -7.68%

Robert Half Inc. (RHI) $37.24 -7.20%

Nasdaq 100 - Risers

Microsoft Corp. (MSFT) $451.10 15.43%

Western Digital Corp. (WDC) $533.04 13.10%

Lam Research Corp. (LRCX) $297.72 9.71%

Seagate Technology Plc (STX) $851.68 8.47%

Micron Technology Inc. (MU) $874.66 7.02%

Applied Materials Inc. (AMAT) $501.77 6.54%

Regeneron Pharmaceuticals Inc. (REGN) $738.34 6.14%

Skyworks Solutions Inc. (SWKS) $62.48 5.56%

Illumina Inc. (ILMN) $205.09 4.93%

Intel Corp. (INTC) $91.13 4.72%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Meta Platforms Inc. (META) $539.03 -9.09%

Verisk Analytics Inc. (VRSK) $200.35 -8.76%

QUALCOMM Inc. (QCOM) $151.60 -6.57%

Check Point Software Technologies Ltd. (CHKP) $128.23 -6.37%

T-Mobile Us, Inc. (TMUS) $173.34 -5.00%

Incyte Corp. (INCY) $122.99 -4.67%

Mondelez International Inc. (MDLZ) $63.08 -4.60%

KLA-Tencor Corp. (KLAC) $180.33 -4.51%

Cadence Design Systems Inc. (CDNS) $332.82 -4.08%