Tech stocks power S&P 500 to record high as oil weakens
Microsoft added 1.4%, Nvidia was up 0.6% and Apple added 0.5% as investors flocked back to Big Tech stocks.
The S&P 500 hit a record high on Thursday, propelled by tech stocks, as oil prices fell and fuelled a more positive outlook for investors. Brent crude futures dropped 2.2% after six days of gains, reflecting concerns over lower global demand and higher US crude stocks. Tensions between Iran and the US over the Middle East conflict, combined with restricted traffic through the Strait of Hormuz, also weighed on oil prices.
Tech giants such as Microsoft, Nvidia, and Apple led the Nasdaq's climb, with Microsoft up 1.4%, Nvidia 0.6%, and Apple 0.5%. The Dow Jones Industrial Average gained 0.36%, reaching 53,960.29. Financial and healthcare stocks helped steady the Dow. July's producer price figures came in at 4.7%, below forecasts, while consumer inflation data suggested the Federal Reserve may hold interest rates steady.
Analysts noted that while the earnings of Big Tech companies were boosting the markets, they were wary of companies spending without a clear path to profitability. The market showed a preference for firms delivering results.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
