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Tech Stocks Rebound As Magnificent 7 Roar On Strong Earnings, Energy Giants Tumble: What's Driving Markets Friday?

The S&P 500 gained over 1% on Friday and is up 2.8% this week. The Nasdaq 100 is on track for its best week in seven months. Strong earnings reports from Alphabet and Microsoft restored positive sentiment in the market. The Magnificent Seven gained a combined $400 billion in a day.

4 ETF Areas to Play Amid Slower Growth & Rising Inflation

Strong Tech Earnings Boost Stocks

US stock indexes rallied Friday, with the S&P 500 posting a 1-1/2 week high. Earnings results from Alphabet and Microsoft boosted the overall market. Chip stocks rallied after chip companies said they will continue to boost investment in AI. US economic news showed Mar personal spending and the Mar core PCE deflator rose more than expected.

PCE March 2024:  Spending And Inflation Too Hot

U.S. Personal spending and inflation grew at higher rates than expected in March 2024. Real PCE in 2024 expanded by +0.51%, surpassing economists' median forecast of -0.30%. The analysis of the PCE data suggests the economy is not "landing" in 2024. There are under-appreciated risks to the inflation outlook.

Stocks Climb on Impressive Tech Earnings and Strength in AI Chip Makers

US stock indexes this morning are moderately higher, with the S&P 500 climbing to a 1-1/2 week high. Blockbuster earnings results from Alphabet and Microsoft are boosting the overall market. Chip stocks are rallying after chip companies say they will continue to boost investment in AI. US economic news shows Mar personal spending and the Mar core PCE deflator rose more than expected. Overseas stock markets are higher.

Stocks Rally on Blockbuster Earnings from Alphabet and Microsoft

US stock indexes this morning are moderately higher as earnings from Microsoft and Alphabet boost the overall market. Mar personal spending and the Mar core PCE deflator rose more than expected, hawkish factors for Fed policy. European stock markets are higher and T-notes prices are higher as inflation concerns ease.

AAII Sentiment Survey: Neutral Sentiment Rises Above Average

Stagflation On Tap: Q1 2024 GDP Disappoints As Inflation Continues