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MKT Data – Global Stock Exchanges

Stocks Surge on Positive Earnings and Economic Data

Stocks surged as investors reacted to robust earnings reports and positive economic data. The S&P 500 reached a record high, with the Nasdaq Composite also closing at a new peak for the fourth consecutive time. The Dow Jones Industrial Average was not far from hitting a new high since December.

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Investors were closely monitoring President Donald Trump’s ongoing dispute with Federal Reserve Chair Powell, following speculations of Powell’s potential dismissal. However, Trump denied any plans to remove Powell, expressing dissatisfaction with the Fed’s interest rate policies.

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A report from the Census Bureau revealed a 0.6% increase in retail sales for June, driven by strong spending on various sectors. This data, coupled with higher consumer price inflation earlier in the week, highlighted the economy’s resilience and potentially impacted the Federal Reserve’s interest rate decisions.

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Several companies reported earnings that influenced market movements. PepsiCo’s shares soared after surpassing expectations, boosted by international sales growth. Taiwan Semiconductor raised its growth outlook due to increased demand in artificial intelligence. On the other hand, GE Aerospace reported strong results but experienced a decline in share value.

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Technology giants like Broadcom, Nvidia, and Microsoft saw mixed performances, while Apple, Meta Platforms, and Tesla closed slightly lower. Netflix’s stock rose before their earnings release, but dipped in after-hours trading.

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Bitcoin’s value fluctuated as the House passed crypto-related bills endorsed by Trump. Treasury note yields and the U.S. dollar index also saw minor changes. Gold futures decreased, while West Texas Intermediate crude oil futures rose.

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In the S&P 500, Snap-On and Albemarle were among the top gainers, while Elevance Health and Abbott Laboratories faced declines. CSX and Norfolk Southern stocks climbed amid rumors of a potential takeover by Union Pacific.

Uber announced a partnership with Lucid Group and Nuro to develop robotaxis, causing Lucid’s shares to surge. Sarepta Therapeutics saw a significant stock increase following restructuring plans, but GE Aerospace shares slipped despite positive earnings.

Abbott Laboratories reported better-than-expected results but revised its outlook due to declining demand for COVID-19 tests. Taiwan Semiconductor Manufacturing Co. raised its revenue growth projection, while PepsiCo’s shares surged after posting strong quarterly results.

MP Materials’ stock fell after announcing a stock sale, and AMD shares continued to rise with optimism surrounding chip exports to China. Futures for major indexes showed mixed trends, with the Dow Jones down slightly, S&P 500 futures edging lower, and Nasdaq 100 futures rising slightly.

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