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STORY: U.S. stocks closed lower on Thursday, with the Dow dropping about three-quarters of a percent, the S&P 500 falling more than a third of a percent, and the Nasdaq finishing essentially flat but in the red.Blockbuster earnings results from Meta Platforms and Microsoft had initially lifted Wall Street, but early gains faded following the latest U.S. economic data.A report from the Commerce Department showed inflation picked up in June, with new tariffs pushing prices higher and stoking expectations that prices could climb further in the coming months.Robert Conzo, Chief Executive Officer & Managing Director at The Wealth Alliance, said investors have a lot of data to digest this week."This is a unique week. You had GDP that just came out, it was annualized at 3%. In the first quarter it was -5. Both those numbers are skewed. PCE just came out, saw it tick up a little, year to date flat. Very interesting to understand what the Fed's going to do as a result of that. And then lets not forget jobs on Friday. Big big big number. ADP jobs by the way, just came out this week, and we were expecting 74,000; it came out at 104. That was a big surprise to the upside. That is an interesting number. Let's see how that plays out on the jobs number on Friday." After the closing bell, shares of Amazon fell in extended trading after the company forecast third-quarter sales that beat estimates but failed to live up to lofty expectations for its AWS cloud computing unit.Shares of Apple jumped in after-hours trading, as the iPhone maker reported sales and profit that far surpassed expectations.AI-related names were weaker on the session, with chipmakers Broadcom and Nvidia ending lower.And shares of drugmakers were also weaker after the White House said Trump sent letters to the CEOs of 17 major pharmaceutical companies, urging immediate action to lower the cost of prescription drugs for Americans...
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(Bloomberg) -- Apple Inc. reported its fastest quarterly revenue growth in more than three years, easily topping Wall Street estimates, after demand picked up for the iPhone and products in China. Most Read from BloombergThe World’s Data Center Capital Has Residents SurroundedAn Abandoned Art-Deco Landmark in Buffalo Awaits RevivalWe Should All Be Biking Along the BeachBudapest’s Most Historic Site Gets a Controversial RebuildSan Francisco in Talks With Vanderbilt for Downtown CampusRevenue rose...
Continue ReadingThe e-commerce giant’s quarterly sales results beat expectations, but shares dropped 7% because its cloud computing arm’s growth wasn’t as strong as rivals’...
Continue ReadingNvidia welcomed Microsoft to the exclusive $4 trillion club as America's tech giants plow through growing demand for artificial intelligence...
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Alger CEO Dan Chung says AI is in its early stages after Microsoft and Meta soared following their earnings. He also discussed Apple and says we would need to see an "exciting product cycle" to boost holdings. He speaks with Katie Greifeld and Romaine Bostick on "The Close."...
Continue ReadingU.S. stocks closed lower as the Friday deadline for new tariffs weighed on investors, though the timeline for reaching a trade deal with Mexico got a 90-day extension. Shares in Microsoft rose 4% on a strong earnings report, briefly pushing its market value above $4 trillion...
Continue ReadingAmazon reported a 35 percent jump in quarterly profits Thursday as the e-commerce giant said major investments in artificial intelligence began paying off.- 'Curveballs' - Amazon Web Services (AWS), the company's world leading cloud computing division, led the charge with sales jumping 17.5 percent to $30.9 billion...
Continue ReadingYahoo Finance Markets Reporter Josh Schafer joins Asking for a Trend with Josh Lipton to look at three major takeaways from the trading day: the surprising strength of Big Tech earnings and the anticipation of Friday's jobs report. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend...
Continue ReadingThe rate of iPhone sales growth has accelerated too. This uptick in sales might be temporary, though...
Continue ReadingMicrosoft stock surged on better-than-expected financial results for its latest quarter and strong guidance. The beat was driven in part by double-digit revenue growth in the tech firm’s closely watched Azure cloud business. Microsoft posted adjusted earnings of $3.65 a share on revenue of $76.4 billion for the fiscal fourth quarter...
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