Stock markets closed at a record high on Thursday, with the S&P 500 and Nasdaq reaching new highs. The Dow Jones Industrial Average also rose higher. Delta Air Lines kicked off earnings season with a solid outlook for the rest of 2025, leading an airline stock rally.
The airline sector surged as Delta’s strong revenue and profit results surpassed expectations. Other major US carriers followed suit, with United jumping 14.3%, American climbing 12.7%, JetBlue gaining 7.8%, and Southwest finishing 8.1% higher.
This news comes ahead of a trade deadline that was initially set for countries to make deals with the US or face heavy tariffs on July 13th. However, the deadline has been extended to August 1st, giving Wall Street a breather before the start of corporate earnings season.
Analysts predict 5% growth in second-quarter earnings for S&P 500 companies, which would mark the lowest rate since the fourth quarter of 2023. Conagra Brands fell 4.4% after its quarterly results missed expectations, while Helen of Troy sank 22.7% due to uncertainty over tariff policy and the economy.
The market has been steadying following a downbeat start to the week as investors awaited the trade deadline. The S&P 500 rose 17.20 points to 6,280.46, with the Dow adding 192.34 points to 44,650.64.
Source: https://apnews.com/article/financial-markets-tech-rally-6c4b36029125cb5dd0ee2eedbd0a238a