S&P 500 climbs as Alphabet leads rally in tech
Investing.com — The S&P 500 extended its rally Thursday, underpinned by better-than-expected quarterly earnings and a Google-led surge in tech after the search-engine giant launched its Chat-GPT rival, Baird, in Europe and Brazil.
The S&P 500 rose 0.8%, the Dow Jones Industrial Average rose 0.15%, or 49 points, and the Nasdaq was up 1.4%.
PepsiCo Inc (NASDAQ:PEP) reported better-than-expectedsecond-quarter results and lifted its full outlook as price hikes helped offset higher input costs. Its shares rose more than 2%.
Delta Air Lines (NYSE:DAL) reported record quarter results that topped Wall Street estimates, though sentiment on the stock cooled somewhat after the airline said capacity constraints were expected to remain for an “extended period.”
Alphabet (NASDAQ:GOOGL) rose more than 4% after launching Bard AI, in Brazil and the European Union, as the tech giant looks to take the AI fight to rival ChatGPT.
Google Search, which still makes up the bulk of Alphabet’s revenue, will likely become «more personalized” and develop “critical competitive moats” as the tech giant invests further in AI, Morgan Stanley said in a note.
Meta Platforms Inc (NASDAQ:META), meanwhile, was also riding the AI wave as the social media giant is set to release a commercial version of its AI large learning model, which was made available to researchers and academics earlier this year.
Sentiment on Meta was also boosted after TD Cowen upgraded the social media giant to outperform from perform on expectations that performance will likely be boosted by further cost cuts and monetization from Reels and Threads.
Just a day after investors cheered slowing consumer price pressures, producer prices in June also slowed more than expected, according to
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