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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.
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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.
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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.
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Later today, two more members of the “Magnificent Seven” will report earnings—Apple and Amazon.
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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%.
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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.
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Germany’s CPI inflation stayed at 2% YoY, but monthly data surprised to the upside (0.3% vs. 0.2% forecast, previously 0%).
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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.
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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.
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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.
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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.
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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.
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