Stock Market Midday, July 30: Microsoft Soars 15%, Boosting Tech Stocks
As of 12.13 PM ET, the Nasdaq Composite (NASDAQINDEX:^IXIC) is up 2.61% to 25,0810 as technology stocks rally, and the S&P 500 (SNPINDEX:^GSPC) has gained 1.29% to 7,422. The Dow Jones Industrial Average (DJINDICES:^DJI) rose 0.81% to 52,010 as markets start to recover from yesterday's losses.
Gold is trading up 1.65% to $4,105.90 as of midday, and the 10-Year Treasury yield rose 0.04% to 4.66%. Technology stocks gained 4.31% this morning, while real estate and healthcare stocks are underperforming.
Today's biggest moves
Microsoft Corp soared 15.5% this morning as investors digested yesterday’s impressive after-the-bell results. Sprouts Farmers Market also surged following a second-quarter earnings beat. Micron Technology is rallying as strong results from Samsung Electronics boosted semiconductors. Meanwhile, Teladoc Health plummeted over 26.8% on a guidance cut, and Corning started to recover after issuing disappointing guidance earlier this week.
What this means for investors
Microsoft’s blockbuster results proved the antidote against yesterday’s sell-off, with strong cloud growth reassuring investors worried about artificial intelligence (AI) spending. It boosted tech stocks and encouraged dip buyers, after yesterday’s pullback on heightened concerns that the Federal Reserve might raise rates later this year.
Data from the Bureau of Labor Statistics released this morning shows that U.S. economic growth slowed in the second quarter, with gross domestic product up 1.5%, below analyst expectations. Consumer spending remained relatively strong, but inflation and reduced government spending contributed to the lower figure. For investors, this reinforces the need for caution, despite this morning’s rally, as underlying uncertainty amid geopolitical tensions and tech volatility has not gone away.
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Emma Newbery has positions in Teladoc Health. The Motley Fool has positions in and recommends Corning, Micron Technology, Microsoft, Sprouts Farmers Market, and Teladoc Health. The Motley Fool recommends the following options: long January 2028 $75 calls on Sprouts Farmers Market and short January 2028 $85 calls on Sprouts Farmers Market. The Motley Fool has a disclosure policy.
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