The S&P 500 and Nasdaq climbed to new record highs Thursday, as Microsoft’s blockbuster earnings propelled the tech giant past the $4 trillion milestone and fueled investor confidence in Big Tech’s hefty investments in artificial intelligence.
Microsoft became the second publicly traded company after Nvidia to surpass $4 trillion in market valuation, following a blockbuster earnings report.
Meta Platforms also climbed 12.1% to an all-time high in early trading, after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business.
Nvidia gained more than 1%.
The S&P technology index and the communication services index both hit record highs, up 1.2% and over 3%, respectively.
At 10:42 a.m. EST, the Dow Jones Industrial Average rose 85.45 points, or 0.19%, to 44,546.73, the S&P 500 gained 40.79 points, or 0.64%, to 6,403.69 and the Nasdaq Composite gained 194.91 points, or 0.92%, to 21,318.89.
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Author: Dillon B
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