Stock market today: Dow rides tech higher ahead of earnings from major banks
Investing.com — The Dow closed higher Thursday as a surge in Google underpinned a sea of green in tech just as investors digested better-than-expected quarterly results from Pepsico and Delta, a day ahead of results from major Wall Street banks.
The Dow Jones Industrial Average rose 0.14%, or 47 points, and the Nasdaq was up 1.6%, and the S&P 500 rose 0.8%.
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
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