The S&P 500 index advanced 0.6% on Thursday, extending its winning streak to eight sessions, driven by strong quarterly earnings reports from tech giants Microsoft and Meta Platforms.
Microsoft shares surged after the software company exceeded analysts’ forecasts with strong sales and profits in its cloud computing and AI businesses. The firm’s Intelligent Cloud segment saw dynamic growth, while artificial intelligence demand is expected to rise.
In contrast, shares of Eli Lilly plummeted 18.1% after the pharmaceutical giant cut its full-year profit forecast due to potential tariffs imposed by the Trump administration. Eli Lilly’s acquisition of a cancer treatment also contributed to the downward revision.
Semiconductor firm Qualcomm also underperformed, with sales guidance for the current quarter coming in below expectations. Despite this, the company’s top- and bottom-line results for its fiscal second quarter met analysts’ forecasts.
Source: https://www.investopedia.com/s-and-p-500-gains-and-losses-today-index-rises-after-strong-start-to-big-tech-earnings-11726544