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The tech-heavy Nasdaq Composite index (.IXIC) has rallied nearly 35.2% this year, helped by outsized gains in rate-sensitive megacap growth companies on optimism over artificial intelligence and hopes of an end to the U.S. Federal Reserve's tightening cycle. The S&P composite 1500 passenger airlines sub index (.SPCOMAIR) dropped 4.4%, bogged down by a 12.0% fall in Alaska Air (ALK.N) after the airline's annual revenue growth outlook missed expectations. 3M Co (MMM.N) rose 5.6% as the industrial conglomerate raised its annual adjusted profit forecast. Advancing issues outnumbered decliners by a 1.33-to-1 ratio on the NYSE and by a 1.13-to-1 ratio on the Nasdaq. The S&P index recorded 27 new 52-week highs and no new lows, while the Nasdaq recorded 55 new highs and 58 new lows.

Persons: Jake Dollarhide, Whitney, Bansari Mayur Kamdar, Johann M, Shinjini Ganguli, Shounak Organizations: GE, Pratt & Whitney, Dow, Nasdaq, Microsoft, Federal Reserve, Google, outsized, U.S, Tech, Longbow Asset Management, Boeing, Pratt, Airbus, Alaska Air, Dow Jones, General Electric, General Motors, 3M, NYSE, Thomson Locations: U.S . Federal, China, Bengaluru

REUTERS/Dado Ruvic/Illustration/File PhotoJuly 24 (Reuters) - Meme stocks have surged in the last few weeks as retail investors shun pricier stocks for cheaper speculative names, but some experts worry that this could choke the current rally in broader markets. At a time when the wider rally has made some stocks, especially in the tech space, too expensive, the return of meme stocks is offering retail investors a more affordable option to participate in 2023's market rebound and pocket big returns. Roundhill's Meme index (.MEME) hit a one-year high last week and was last up 60% for 2023 so far, dwarfing gains of more than 18% recorded by the benchmark S&P 500 (.SPX). Retail investors poured in $1.27 billion per day on average into U.S. equities in July, closing in on the all-time record of $1.5 billion a day in March, Vanda Research said. The meme index consists of 25 equal-weighted U.S.-listed stocks with a combination of elevated social media activity and high short interest.

Persons: Dado Ruvic, Thomas Hayes, Vanda, Dennis Dick, Bansari Mayur, Lance Tupper, Devika Organizations: REUTERS, NYSE, Microsoft, Great, Vanda Research, Triple D, AMC Entertainment, AMC, Thomson Locations: Great Hill, Bengaluru, New York

Results from Google-owner Alphabet (GOOGL.O) and Microsoft (MSFT.O), due after the bell, will be a test for their hefty valuations. "Nonetheless, while we expect the summer rally to continue, investor exuberance is likely to lessen in the near-term, portending a less vigorous rally." ET, Dow e-minis were up 11 points, or 0.03%, S&P 500 e-minis were up 4 points, or 0.09%, and Nasdaq 100 e-minis were up 39.5 points, or 0.25%. 3M Co (MMM.N) rose 2.2% after the industrial conglomerate raised its annual adjusted profit forecast. ET is consumer confidence data that is expected to rise to 111.8 in July from 109.7 in June.

Persons: Peter Cardillo, Rivals Tesla, Bansari Mayur Kamdar, Johann M, Shinjini Ganguli, Shounak Organizations: Dow, Nasdaq, Google, Microsoft, Spartan, outsized, U.S, Dow e, General Electric, General Motors, Rivals, Ford, 3M, Thomson Locations: U.S . Federal, Chevron, China, Bengaluru

Investors are awaiting Microsoft (MSFT.O), Google-owner Alphabet (GOOGL.O) and Meta Platforms (META.O) earnings this week, which will show whether their stocks justify sky-high valuations. The Nasdaq (.NDX) lagged other indexes as investors looked to non-tech stocks for bargains, lifting sectors from energy to banks. Helping the Dow (.DJI) notch its longest winning streak since February 2017, Chevron (CVX.N) gained almost 2% as the oil giant posted upbeat preliminary quarterly earnings over the weekend. Nine of the 11 major S&P 500 sectors rose, led by a gain in energy stocks (.SPNY). The S&P 500 posted 22 new 52-week highs and one new low; the Nasdaq Composite recorded 58 new highs and 97 new lows.

Persons: Barbie, Randy Frederick, You've, Carol Schleif, Toymaker Mattel, AMC's, decliners, Carolina Mandl, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Anil D'Silva, Richard Chang Organizations: Dow, Nasdaq, Mattel, Chevron, Dow Jones, Federal Reserve, Schwab Center, Financial Research, Microsoft, Google, Investors, BMO Family Office, Reuters, AMC Entertainment, NYSE, Thomson Locations: New York, Bengaluru

Investors are awaiting Microsoft (MSFT.O), Google-owner Alphabet (GOOGL.O) and Meta Platforms (META.O) earnings this week, which will show whether their stocks justify sky-high valuations. The Nasdaq (.NDX) lost steam during the session as investors looked to non-tech stocks for bargains, lifting sectors from energy to banks. Barclays' head of U.S. equity strategy Venu Krishna said in a note to clients that investors are differentiating between tech companies. A few Big Tech names are driving all of the earnings upside, while the outlook for the "Rest of the Tech" is deteriorating, he said. Helping the Dow (.DJI) notch its longest winning streak since February 2017, Chevron (CVX.N) gained as the oil giant posted upbeat preliminary quarterly earnings over the weekend.

Persons: Barbie, Randy Frederick, Venu Krishna, You've, Carol Schleif, Toymaker Mattel, AMC's, Carolina Mandl, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Anil D'Silva, Richard Chang Organizations: Chevron, Dow, Dow Jones, Federal Reserve, Schwab Center, Financial Research, Microsoft, Google, Nasdaq, Barclays, Big Tech, Tech, Investors, BMO Family Office, Reuters, AMC Entertainment, Thomson Locations: U.S, New York, Bengaluru

The action-packed week also includes the Fed's policy meeting, with the central bank expected to raise interest rates by 25 basis points on Wednesday. As of Friday, second-quarter earnings are expected to decline by 7.9%, according to Refinitiv data. The tech-heavy Nasdaq (.IXIC) has rallied 34% so far this year, outperforming its Wall Street peers, as rate-sensitive megacap growth companies jumped on hopes of an end to the Fed's tightening cycle and optimism over AI. Ten of the 11 major S&P 500 sectors were higher, led by a 2.1% gain in energy stocks (.SPNY). The S&P index recorded 14 new 52-week highs and one new lows, while the Nasdaq recorded 41 new highs and 67 new lows.

Persons: Barbie, Chris Zaccarelli, Toymaker Mattel, AMC's, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Anil D'Silva Organizations: Chevron, Dow, Nasdaq, Federal Reserve, Microsoft, Google, Reuters, Independent, Alliance, Dow Jones, AMC Entertainment, NYSE, Thomson Locations: Bengaluru

Last week, Netflix (NFLX.O) and Tesla (TSLA.O) posted less-than-stellar quarterly reports. The electric-vehicle maker eased 1.3% in premarket trading after UBS downgraded its rating on the stock, while other megacap growth and technology shares edged higher. ET, Dow e-minis were up 44 points, or 0.12%, S&P 500 e-minis were up 8.75 points, or 0.19%, and Nasdaq 100 e-minis were up 35.25 points, or 0.23%. AMC Entertainment (AMC.N) jumped 47.5% after a judge blocked the theater chain's stock conversion plan that risked diluting investors' holdings in the company. Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Barbie, Sophie Lund, Yates, Hargreaves Lansdown, Mattel, AMC's, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Shounak Organizations: UBS, Dow, Nasdaq, Federal Reserve, Microsoft, Netflix, Reuters, Fed, Dow e, Warner Bros, AMC Entertainment, Global, PMI, Thomson Locations: Bengaluru

☆ AI investment is booming. How much is hype?
▼ + stars: | 2023-07-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

The investment into Mistral AI is just one of many this year by venture capitalists jostling for a seat aboard the AI rocketship. In the first six months of 2023, they plowed $15.2 billion into generative AI companies globally, according to Pitchbook data. The bulk of this sum comes from Microsoft (MSFT)’s $10 billion investment, announced in January, in OpenAI, the developer of popular generative AI chatbot ChatGPT. But even excluding Microsoft’s bumper deal, the value of VC investments in generative AI was up by almost 58% compared with the same period in 2022. “Buying a ‘dot-ai’ domain, and claiming to be an AI company… doesn’t really make you an AI company,” Jacobs told CNN.

Persons: Antoine Moyroud, wasn’t, ”, Arthur Mensch, Nathan Laine, hasn’t, ” Mostaque, jostling, Moyroud, ’, ’ “, “, ” Moyroud, It’s, Jaap Arriens, Goldman Sachs, Stocks, Mike Reynolds, Reynolds, —, “ It’s, ” Reynolds, ” Jordan Jacobs, … doesn’t, ” Jacobs Organizations: London CNN, Lightspeed Venture Partners, CNN, Mistral, Viva Tech, Bloomberg, Getty, Stability, Microsoft, Meta, Nvidia, Nasdaq, Cisco, Radical Ventures Locations: French, Paris, California, OpenAI, —, Toronto

The S&P 500 climbed 0.03% to end at 4,536.34 points. For the week, the S&P 500 added 0.7%, the Nasdaq fell 0.6% and the Dow rose 2.1%. American Express (AXP.N) fell 3.9% after the credit card giant missed quarterly revenue estimates and affirmed its full-year profit forecast. SLB (SLB.N) declined 2.2% after the top oilfield services firm missed quarterly revenue expectations due to moderating drilling activity in North America. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) by a 1.5-to-one ratio.

Persons: AmEx, Jake Dollarhide, Noel Randewich, Bansari Mayur Kamdar, Johann M, Shinjini Ganguli, Richard Chang Organizations: Nasdaq, Dow, Dow Jones, Procter & Gamble, Chevron, Longbow, Management, Nvidia, Netflix, American Express, Thomson Locations: Tulsa , Oklahoma, North America, Oakland, Bengaluru

Meanwhile, the tech-heavy Nasdaq (.IXIC) lagged in the previous session as earnings reports from Tesla (TSLA.O) and Netflix (NFLX.O) failed to dazzle. The megacap electric automaker recovered 1.1% in premarket trading on Friday, while the streaming video company edged higher. The NYSE FANG+TM index (.NYFANG) that houses the megacap growth names also closed 4.6% lower in the previous session, notching its worst day so far in 2023. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 11 points, or 0.24%, and Nasdaq 100 e-minis were up 73.75 points, or 0.47%. Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Johnson, Powell, David Mericle, Goldman Sachs, Toymaker Mattel's, Morgan Stanley, Bansari Mayur Kamdar, Johann M, Shinjini Organizations: Mattel, Dow, Nasdaq, Johnson, Tesla, Netflix, NYSE, Dow e, American Express, Investors, Thomson Locations: Bengaluru

The tech-heavy Nasdaq (.IXIC) lagged Wall Street peers in the previous session as earnings reports from Tesla (TSLA.O) and Netflix (NFLX.O) failed to dazzle. The NYSE FANG+TM index (.NYFANG), that houses the megacap growth names, rose 0.5 on Friday, after falling 4.6% in the previous session and posting its worst day in 2023. American Express (AXP.N) fell 5.0% after the credit card giant missed quarterly revenue expectations and kept its forecast for full-year profit unchanged, which unnerved investors. SLB (SLB.N) shed 2.3% as the top oilfield services firm missed quarterly revenue expectations due to moderating drilling activity in North America. The S&P index recorded 26 new 52-week highs and no new lows, while the Nasdaq recorded 51 new highs and 22 new lows.

Persons: AmEx, Dow, Johnson, Hogan, Bansari Mayur Kamdar, Johann M, Shinjini Organizations: Dow, Nasdaq, Johnson, Riley, Tesla, Netflix, NYSE, Dow Jones, American Express, Investors, Thomson Locations: North America, Bengaluru

Shares of the electric car maker slid 3.1% in premarket trading after Musk's comments, even as Tesla beat quarterly profit estimates. Netflix (NFLX.O) fell 6.0% after the streaming video company's quarterly revenue forecast also fell short of estimates, while analysts said its new money-making ventures will take time to bring in returns. ET, Dow e-minis were up 61 points, or 0.17%, S&P 500 e-minis were down 4.25 points, or 0.09%, and Nasdaq 100 e-minis were down 98 points, or 0.61%. Investors also await weekly jobless claims data and existing home sales data for the month of June, due later in the day. Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Johnson, Elon Musk, markdowns, Joshua Warner, Dow, Goldman Sachs, chipmaker TSMC, Bansari Mayur Kamdar, Johann M, Dhanya Ann Thoppil Organizations: Netflix, Dow, Nasdaq, U.S . Federal Reserve, Enterprise, IBM, Dow e, Airlines, Investors, Thomson Locations: U.S, Bengaluru

The S&P 500 banking index (.SPXBK) added 1.5%, but was still down 1.8% this year in the aftermath of a banking crisis that took down three lenders and pummeled the regional banking sector. The benchmark S&P 500 index (.SPX) has notched a 19.2% gain in the same period. Elevance Health (ELV.N) advanced 5.1% and was among top gainers on the S&P 500 after the health insurer forecast an upbeat annual profit. Halliburton(HAL.N) shed 2.8% after posting disappointing quarterly revenue, while Baker Hughes(BKR.O) edged up 0.5% after beating quarterly earnings expectations. The S&P index recorded 36 new 52-week highs and no new lows, while the Nasdaq recorded 117 new highs and 42 new lows.

Persons: Goldman, Goldman Sachs, Mike Loewengart, Dow, Baker Hughes, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: T Bank, Dow, Nasdaq, Big, Morgan Stanley Global Investment, Citizens, U.S, U.S . Federal, US Bancorp, Dow Jones, Netflix, IBM, Verizon, Elevance, Halliburton, NYSE, Thomson Locations: Big U.S, U.S ., Minneapolis, Bengaluru

Big U.S. lenders rallied on Tuesday after they said higher interest rates had helped boost profits in the second quarter. The S&P 500 banking index (.SPXBK) has fallen 3.4% this year in the aftermath of a banking crisis that took down three lenders and pummeled the regional banking sector. The benchmark S&P 500 index (.SPX) has notched an 18.6% gain in the same period. Among other lenders, Citizens Financial(CFG.N) and M&T Bank(MTB.N) beat Wall Street estimates for second-quarter profit, benefiting from the U.S. Federal Reserve's rapid rate hikes. ET, Dow e-minis were up 7 points, or 0.02%, S&P 500 e-minis remained unchanged, and Nasdaq 100 e-minis were up 22.5 points, or 0.14%.

Persons: Goldman Sachs, Goldman, Dennis Dick, noteholders, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: T Bank, Dow, Nasdaq, Street, Big, Triple D, Citizens, U.S, U.S . Federal, Dow e, Credit Suisse, Netflix, IBM, Microsoft, Verizon, Elevance, VMware, Federal Reserve, Thomson Locations: Big U.S, U.S ., Bengaluru

Bank of America (BAC.N) rose marginally in premarket trading after the lender posted a 20% surge in second-quarter profit, while Morgan Stanley's (MS.N) shares pared early gains after the bank's profit slipped 18%, hurt by a deal-making drought. The S&P 500 banks index (.SPXBK) has fallen 5.2% so far this year, underperforming the S&P 500 index (.SPX) which has notched a 17.8% gain after the biggest banking crisis since 2008 earlier this year took down three lenders and pummeled the sector. Overall earnings across industries are expected to decline 8.1% for the quarter, according to Refinitiv data. ET, Dow e-minis were down 18 points, or 0.05%, S&P 500 e-minis were down 3.75 points, or 0.08%, and Nasdaq 100 e-minis were down 26.25 points, or 0.17%. Pinterest (PINS.N) gained 3.3% as Evercore ISI upgraded its rating on the stock to "outperform" and Marvell Technology (MRVL.O) climbed 1.1% after Bank of America added the chipmaker to its U.S. No.1 list.

Persons: Morgan Stanley, Morgan Stanley's, Sam Stovall, Wells, Lockheed Martin, Bansari Mayur Kamdar, Johann M, Nivedita Bhattacharjee Organizations: Bank of America, Dow, Nasdaq, CFRA Research, JPMorgan Chase, Bank of New York Mellon, PNC Financial Services, Lockheed, Dow e, Federal Reserve, ISI, Marvell Technology, U.S, Thomson Locations: New York, Bengaluru

Shares of Charles Schwab jumped 13.2%, leading gains on the S&P 500 (.SPX), and those of PNC rose 2.6%. The S&P 500 banks index (.SPXBK) has fallen 3.9% so far this year, in the aftermath of a banking crisis that took down three lenders and pummeled the sector, underperforming the S&P 500 index (.SPX) that has notched a 17.8% gain in the same period. ET, the Dow Jones Industrial Average (.DJI) was up 141.63 points, or 0.41%, at 34,726.98, the S&P 500 (.SPX) was up 3.12 points, or 0.07%, at 4,525.91, and the Nasdaq Composite (.IXIC) was down 43.61 points, or 0.31%, at 14,201.34. Eight of the top 11 S&P 500 sectors advanced with industrials (.SPLRCI) leading gains, while technology stocks (.SPLRCT) fell 0.6%. The S&P index recorded 20 new 52-week highs and no new lows, while the Nasdaq recorded 65 new highs and 33 new lows.

Persons: Morgan Stanley, Lockheed Martin, MS.N, Robert Pavlik, Wells, Charles Schwab, Bansari Mayur Kamdar, Johann M, Nivedita Bhattacharjee Organizations: Bank of America, Lockheed, Dow, Nasdaq, Dakota Wealth ., . Federal, JPMorgan Chase, PNC Financial Services, PNC, Dow Jones, industrials, Wall, U.S . Federal Reserve, ISI, NYSE, Thomson Locations: ., Bengaluru

Of the 30 companies in the S&P 500 that have reported earnings as of Friday, 80% beat analyst expectations, according to Refinitiv data. Tesla (TSLA.O) gained 1.9% after the company said on Sunday it had built its first Cybertruck, after two years of delays. New York Fed Manufacturing data showed the general business conditions index fell to 1.1 from 6.6 in June, indicating activity changed little during the month. Elsewhere, data showed the Chinese economy grew at a frail pace in the second quarter. The S&P index recorded 44 new 52-week highs and four new lows, while the Nasdaq recorded 104 new highs and 50 new lows.

Persons: Ford, Morgan Stanley, Goldman Sachs, Chris Zaccarelli, JPMorgan Chase, Bansari Mayur Kamdar, Johann M, Nivedita Bhattacharjee, Maju Samuel Organizations: Citi, Dow, Nasdaq, Apple, Tesla, Bank of America, Netflix, Independent, Alliance, Ford, General Motors, Dow Jones, Federal Reserve, New York Fed, JPMorgan, Citigroup, Activision, Microsoft, PlayStation, Federal Trade, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

Second-quarter earnings are gathering momentum, with Tesla (TSLA.O) due to report on Wednesday, while Bank of America (BAC.N), Morgan Stanley (MS.N), Goldman Sachs (GS.N) and Netflix (NFLX.O) are also lined up through the rest of the week. Of the 30 companies in the S&P 500 that have reported earnings as of Friday, 80% beat analyst expectations, according to Refinitiv data. In trading before the bell, Tesla <TSLA.O> gained 1.6% after the company said on Sunday it had built its first Cybertruck, after two years of delays. Lackluster Chinese economic data weighed on investors' minds on Monday as the world's second largest economy grew at a frail pace in the second quarter. During the week, investors also await retail sales and new homes figures for June.

Persons: Morgan Stanley, Goldman Sachs, JPMorgan Chase, Danni Hewson, AJ Bell, Bansari Mayur, Nivedita Bhattacharjee, Maju Samuel Organizations: Dow, Nasdaq, Bank of America, Netflix, Dow e, Federal Reserve, JPMorgan, Citigroup, Activision, Microsoft, PlayStation, Federal Trade, Meta, Thomson Locations: Norway, Wells Fargo, U.S, Bengaluru

SummaryCompanies JPMorgan, Wells Fargo up as Q2 profit rises on higher interest incomeUnitedHealth rises on Q2 profit beatFutures mixed: Dow adds 0.33%, S&P up 0.02%, Nasdaq slips 0.12%July 14 (Reuters) - The S&P 500 and Dow futures rose on Friday as JPMorgan Chase and Wells Fargo commenced second-quarter earnings for big U.S. banks on a strong note. UnitedHealth Group (UNH.N) gained 3.6% after the health insurer reported a quarterly profit above analysts' estimates, as the industry bellwether's expenses came in lower than feared. Overall earnings for the S&P 500 constituents are seen dropping 6.4% in the second quarter, according to Refinitiv data released at the start of the earnings season. The earnings are expected to feed into a strong rally in recent days. ET, Dow e-minis were up 114 points, or 0.33%, S&P 500 e-minis were up 1 points, or 0.02%, and Nasdaq 100 e-minis were down 19.5 points, or 0.12%.

Persons: Wells, Dow, Wells Fargo, JPMorgan Chase, Christopher Waller, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty Organizations: JPMorgan, Nasdaq, Dow, JPMorgan Chase, Citigroup, BlackRock, Federal, of Michigan, Dow e, Microsoft, UBS, Activision, Thomson Locations: Wells Fargo, U.S, Bengaluru

UnitedHealth Group (UNH.N) jumped 7.2% after the health insurer's quarterly profit beat analysts' average estimate, as the industry bellwether's expenses came in lower than feared. Wells Fargo (WFC.N) gained 0.8% after reporting a 57% rise in quarterly profit. Citigroup (C.N) fell 2.9% after the lender's quarterly profit tumbled 36% as weakness in its trading business blunted gains in its personal banking and wealth management unit. The S&P 500 banks index (.SPXBK) shed 0.8%, erasing early gains. Of the 30 companies in the S&P 500 index that have reported earnings to date, 80% beat analysts' expectations, as per Refinitiv Data.

Persons: Wells, JPMorgan Chase, First Republic Bank . Wells Fargo, Banks, They've, Robert Pavlik, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty, Sriraj, Maju Samuel, Vinay Dwivedi Organizations: JPMorgan, Dow, Nasdaq, Wall Street, UnitedHealth, JPMorgan Chase, Rivals, First Republic Bank . Wells, Dakota Wealth, Citigroup, BlackRock, Dow Jones, Microsoft, UBS, Nvidia, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

U.S. producer prices barely rose in June and the annual increase in producer inflation was the smallest in nearly three years. Keeping a lid on optimism, a separate report showed weekly jobless claims unexpectedly fell last week, indicating that the labor market remains tight. InflationTraders expect a 20% probability that the central bank will hike borrowing costs in its November meeting but have fully priced in a 25-basis-point rate hike later in July. Five of the 11 major S&P 500 sectors advanced, with communications services (.SPLRCL) leading gains boosted by a 4.9% jump in Alphabet (GOOGL.O). Overall, earnings for the S&P 500 constituents are expected to have dropped 6.4% in the second quarter, Refinitiv data showed.

Persons: IRPR, David Russell, Bard, ChatGPT, Johann M Cherian, Shashwat Chauhan, Saumyadeb Chakrabarty, Maju Samuel Organizations: PepsiCo, Dow, Nasdaq, Federal Reserve, Dow Jones, Google, Microsoft, Delta Air Lines, Meta, NYSE, Thomson Locations: Europe, Brazil, Bengaluru

Alphabet shares were outperforming the broader market, with the S&P 500 (.SPX) up 0.6%, boosted by data showing signs of cooling inflation. Clearly they've been able to reassure European regulators about those issues, which just paves the way for further advantage really," said Hewson. Alphabet shares, which have seen a huge boost from investor excitement around generative artificial intelligence since February, are up around 41% so far this year. Microsoft shares are up 42% so far in 2023. Also on Thursday, TD Cowen raised its price target for Alphabet shares to $140 from $130 citing expectations of better growth in its search business.

Persons: Bard, watchdogs, Danni Hewson, AJ Bell, they've, Hewson, Art Hogan, Riley, TD Cowen, Bansari Mayur, Sinéad Carew, Conor Humphries Organizations: Inc, European Union, Google, Microsoft Corp, Microsoft, Thomson Locations: Europe, Brazil, Bengaluru, New York

SummaryCompanies Delta rises on FY profit forecast raisePepsiCo gains on lifting FY revenue, profit outlookJune PPI data due at 8:30 a.m. A slower rise in prices has boosted hopes that the Federal Reserve could soon end its monetary tightening campaign. Economists polled by Reuters expect producer inflation to have eased to 0.4% over the 12 months through June from 1.1% in the previous month. ET, Dow e-minis were up 54 points, or 0.16%, S&P 500 e-minis were up 15 points, or 0.33%, and Nasdaq 100 e-minis were up 107.25 points, or 0.69%. Overall, earnings for the S&P 500 constituents are expected to have dropped 6.4% in the second quarter, Refinitiv data showed.

Persons: Michael Hewson, Walt Disney, Robert Iger's, Christopher Waller, Johann M Cherian, Saumyadeb Chakrabarty, Maju Samuel Organizations: PepsiCo, Dow, Nasdaq, Federal Reserve, Reuters, Traders, CMC Markets, Dow e, Delta Air Lines, Meta, Fed, Thomson Locations: Bengaluru

U.S. consumer prices rose modestly in June and logged their smallest annual increase in more than two years as inflation continued to subside. The much awaited U.S. Labor Department report showed growth in core consumer prices, which excludes food and energy, eased to 4.8% from 5.3% in May on an annual basis. In the 12 months through June, the consumer prices (CPI) advanced 3.0%. The S&P 500 banks index (.SPXBK) rose 1.7% ahead of second-quarter earnings season, with Wall Street lenders expected to report higher profits. The S&P index recorded 62 new 52-week highs and two new lows, while the Nasdaq recorded 110 new highs and 28 new lows.

Persons: Brian Jacobsen, Russell, Bilibili, Johann M Cherian, Shashwat Chauhan, Shinjini Organizations: Nvidia, VMware, Broadcom, Dow, Nasdaq, Wall, Federal Reserve, . Labor Department, Annex Wealth Management, Dow Jones, Microsoft, Financial Times, Alibaba Group, NYSE, Thomson Locations: U.S, Beijing, Bengaluru

New York Fed President John Williams in an interview with the Financial Times said the central bank is not done raising rates. Amazon.com (AMZN.O) outpaced megacap peers, up 0.8%, going into the "Prime Day" 48-hour shopping event, which falls on July 11-12. ET, the Dow Jones Industrial Average (.DJI) was up 150.60 points, or 0.44%, at 34,095.00, the S&P 500 (.SPX) was up 9.33 points, or 0.21%, at 4,418.86, and the Nasdaq Composite (.IXIC) was up 2.20 points, or 0.02%, at 13,683.19. Eight of the top 11 S&P 500 sectors advanced, with energy (.SPNY) leading gains by 1.9%. The S&P index recorded 40 new 52-week highs and one new low, while the Nasdaq recorded 71 new highs and 25 new lows.

Persons: Dow, Phil Blancato, Ladenburg, John Williams, Jefferies, Johann M Cherian, Shinjini Ganguli, Arun Koyyur, Maju Samuel Organizations: JPMorgan, Jefferies, Dow, Nasdaq, Fed, Asset Management, New York Fed, Financial Times, Dow Jones, Activision, Microsoft, Salesforce, Bank of America Global Research, JPMorgan Chase, NYSE, Thomson Locations: U.S, Bengaluru

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