US stock indices closed higher on Thursday, rebounding from the previous session's losses as chipmakers rallied and investors assessed earnings. The S&P 500 gained 1.7%, the Nasdaq jumped 3.4%, and the Dow added 614 points. Microsoft surged 15.5% after reporting 43% cloud revenue growth, its strongest since 2022, while keeping capital expenditure guidance broadly in line with expectations. Chipmakers jumped after yesterday's selloff. Micron rose 18.4%, AMD gained 13%, Intel added 11.3%, and Sandisk soared 26% as investors bought the dip on expectations the AI-driven rally still has room to run. Oracle jumped 8.3% after expanding its Google Gemini AI partnership. Those gains outweighed a disappointing forecast from Meta (-7.9%). Treasury yields remained high despite soft Q2 GDP growth. The Fed held rates yesterday, but Chair Warsh's reluctance to signal a rate hike raised concerns that inflation could be higher for longer. Apple (-1.4%) and Amazon (+3.9%) report later.
SPI up 99 - FMG Quarterly - Gold up - Quarterlies continue
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