Wall Street: AI winners in focus, SpaceX hardly slowing down record hunt
The network technology manufacturer Arista Networks has impressed with strong quarterly figures. Despite growing sales, SpaceX is being punished due to high investment spending.
Wall Street witnesses another friendly opening after two strong days of earnings, with the S&P 500 and Dow Jones reaching record highs. Support for the market comes from a strong earnings season, falling bond yields, and hopes for an opening of the Hormuz Strait, which eases concerns about the oil market.
The focus remains on AI winners, with chip firm AMD delivering solid numbers and an upwardly revised outlook, but still below expectations. Networking equipment maker Arista Networks, however, impressed with strong quarterly earnings and an optimistic forecast. SpaceX reported a 92 percent sales growth and booming AI revenues, but faces criticism for the extreme investment outlays of $18.4 billion in the second quarter.
Other positive impulses come from Disney, Eli Lilly, Amgen, Booking Holdings, Pinterest, and Toast, which all reported results better than expected, and some raised full-year forecasts. The ADP employment data and the ISM services purchasing managers' index for the services sector are in focus, being important indicators for the official US labor market report on Friday. According to ADP, private companies only created 44,000 jobs in July, below the expected 75,000 new positions.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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