Daily summary: Wall Street gains on tech earnings, euro catches breath, gold rebounds (31.07.2025)

U.S. indices are rising today on the back of strong Big Tech earnings. The S&P 500 is up 0.5%, the Nasdaq gains 0.8%, while the Dow Jones is hovering near yesterday’s closing levels.

Microsoft climbed to new all-time highs following solid quarterly results. Revenue in its key cloud segment rose by 39%, beating expectations and outpacing growth reported by Alphabet—keeping Microsoft in the lead in the cloud race. Shares are up over 4% today, testing the $4 trillion market cap level.

Meta Platforms also reported excellent results, with revenue up about 22%, supported by higher ad pricing and strong engagement across its app ecosystem. The company continues aggressive infrastructure expansion and expects AI-related capital expenditures could reach as much as $100 billion by 2026. Shares are up nearly 12% today.

Later today, two more members of the “Magnificent Seven” will report earnings—Apple and Amazon.

U.S. PCE inflation came in hotter than expected (2.6% YoY vs. 2.5% forecast, previously 2.3%). Core PCE held steady at 2.8%, despite expectations for a drop to 2.7%.

European markets are in the red today. All major European indices are down, led by Italy’s IT40 with a decline of over 1.6%. France’s CAC 40 is down more than 1.1%, and Germany’s DAX falls 0.8%. Only the UK’s FTSE 100 is holding near yesterday’s closing levels.

Germany’s CPI inflation stayed at 2% YoY, but monthly data surprised to the upside (0.3% vs. 0.2% forecast, previously 0%).

The Bank of Japan left interest rates unchanged at 0.5%, but signaled possible future hikes amid more inflationary signals. Governor Kazuo Ueda’s comments were interpreted as neutral relative to previously hawkish expectations.

On the forex market, the euro is rebounding after recent declines, gaining against most major currencies (EURJPY: +0.9%, EURGBP: +0.35%, EURUSD: +0.1% to 1.142). The euro is outperformed only by the Swiss franc (EURCHF: -0.1%). The dollar is having a mixed session, with the USDIDX trading flat.

The precious metals market is mostly in decline today. Silver is down over 1.3%, falling below $36.6; platinum drops 1.2%; palladium is down nearly 2%. Gold is the exception, rising around 0.7% and testing the $3,300/oz level again.

In commodities, oil futures are under pressure—Brent crude is down over 0.9%, and WTI loses nearly 1.2%. In contrast, natural gas futures are rising more than 2.6%, rebounding from the lowest levels since April.

Crypto markets are dominated by optimism. Major cryptocurrencies are trading higher: Bitcoin is up 0.5% to $118,100, Ethereum rebounds 0.6% to $3,791. Solana (+1.4%) and Ripple (+0.7%) futures are also in the green.