The S&P 500 and Nasdaq 100 reached new all-time highs on Thursday, driven by strong quarterly earnings from Alphabet and Qualcomm despite mixed economic data and rising geopolitical tensions.

Key Points

• The S&P 500 rose 1.02%, the Dow Jones Industrial Average gained 1.62%, and the Nasdaq 100 climbed 0.98%.
• Alphabet shares surged over 9% following a revenue beat, while Qualcomm jumped more than 15% to lead a rally among chipmakers.
• Meta Platforms fell over 8% due to higher-than-expected capital expenditure forecasts, and Microsoft dropped 3% amid concerns regarding Azure cloud growth.
• US weekly jobless claims fell to a 57-year low of 189,000, signaling a resilient labor market despite slower-than-expected first-quarter GDP growth of 2.0%.
• WTI crude oil prices declined more than 1%, helping to lower bond yields and inflation expectations, even as regional conflicts in the Middle East persist.

Why it Matters

The market's ability to hit record highs despite mixed economic signals and geopolitical uncertainty highlights the significant influence of strong corporate earnings on investor sentiment. This performance underscores the critical role of the technology sector in driving broader market gains, even as individual companies face scrutiny over capital spending and cloud growth.