Stock Market News: Dow, S&P 500, and the Nasdaq All Climb
Earnings reports from Google’s parent Alphabet and Microsoft breathed new life into the market on Friday.
The “Magnificent Seven” group that includes the aforementioned tech stocks, along with Tesla, Apple, Amazon.com, Meta Platforms and Nvidia, were on track to add $686 billion in market capitalization this week, according to Dow Jones Market Data.
Alphabet stock was up 10% in recent trading, Nvidia stock was up 5.5%, Amazon stock was up 3.6%, and Microsoft stock was up 2.6%. On the flip side, Meta stock was flat, Apple stock was down 0.3%, and Tesla stock was down 0.5%.
The Dow Jones Industrial Average was up 220 points, or 0.6%. The S&P 500 was up 1.2%. The Nasdaq Composite was up 2.2%. One reason the Dow was lagging behind is because it doesn’t include Alphabet.
Within the S&P 500, 315 of its members were rising. Its top-performing sector, communication services, was up 2.7% and being led by Alphabet. Meanwhile, Super Micro Computer, Nvidia, and other AI plays were leading the technology sector, which was up about 1.3%.
Though Friday’s core PCE showed stubborn inflation, traders were able to look past the report thanks to the latest round of tech earnings.