- U.S. stocks bounced back on Thursday, helped by technology shares as focus shifted to corporate earnings after a cautious message from the Federal Reserve on interest rates drove some of the biggest falls since May in the previous session.
Despite that, all three major indexes posted their second straight monthly gains in July, closing the book on a month in which the S&P 500 and the Nasdaq reached fresh record highs. Almost three weeks through earnings, reports so far have been strong. Of the 296 companies in the S&P 500 that have reported second-quarter earnings, 74.7% have beaten Street estimates for profit, according to Refinitiv data.
The Dow Jones Industrial Average rose 96.27 points, or 0.36%, to 26,960.54, the S&P 500 gained 14.11 points, or 0.47%, to 2,994.49.Kellogg Co jumped 9.52% after the company beat analysts’ expectations for quarterly sales and profit, driven by higher demand for its snacks, including Pringles and Pop-Tarts, in North America.Qualcomm Inc dropped 3.32% after the chipmaker’s quarterly revenue and profit forecast fell short of Wall Street targets.
The rate decrease was because Trump's tax cut for the wealthy had a detrimental effect. SHOCKING! NOPE!
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