Wall Street Extends Possitive Momentum
US stocks kickstart May strong on Thursday, with the Dow Jones adding 70 points, the S&P 500 climbing 0.6% and the Nasdaq Composite jumping 1%, as Big Tech earnings drove gains.
Microsoft soared 7.4% after not only beating top- and bottom-line estimates but raised its Azure guidance reassuring investors on AI-led growth, while Meta added 4.3% after posting stronger-than-expected Q1 revenue.
Chip bellwether Nvidia also rose 2.4% on renewed enthusiasm for its data-center roadmap. Conversely, Eli Lilly lost 11.7% after its quarterly results and McDonald’s slipped 1.9% following a decline in Q1 sales. On the trade front, President Trump signaled possible trade deals with India, Japan, and South Korea, and voiced optimism about a China agreement.
On the data front, jobless claims rose to a nine-week high and continuing claims hit their highest since 2021. U.S. manufacturing also shrank again in April, weighed down by tariff disruptions.
Source: Trading Economics