Major US stock indexes rose, led by Tesla, IBM and Meta Platforms, after a slew of companies released better-than-expected profit reports. Meta Platforms shares jumped 1.6% following a strong earnings performance and its commitment to AI investments. The Nasdaq and S&P 500 also gained, partially offset by declines in Microsoft and UPS. The report also highlighted the impact of AI advancements, bond yields, and economic growth on market performance.
Tesla , IBM and Meta Platforms helped lead most US stocks higher following a rush of profit reports from some of the country’s most influential companies.
Keeping indexes in check was Microsoft, which fell 6.2 per cent. The Redmond, Washington-based software giant topped analysts’ expectations for profit in the latest quarter, but the focus was instead on the slower-than-expected growth in its cloud computing business, which is a centrepiece of its AI efforts.
The report showed a “Goldilocks” economy at the turn of the year, one that was neither too hot nor too cold, according to Gregory Daco, chief economist at EY. But he warned many uncertainties from Washington could change things, including what it does with income tax rates, tariffs and immigration. On Wall Street, Tesla drove 2.9 per cent higher even though Elon Musk’s electric-vehicle company reported a weaker profit for the latest quarter than analysts expected. Musk asserted Tesla will offer unsupervised “full self-driving” technology to its customers as a paid service starting in Austin in June.IBM rallied 13 per cent after beating analysts’ expectations for profit.
STOCK MARKET CORPORATE PROFITS AI META PLATFORMS TESLA MICROSOFT BOND YIELDS
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