FX.co ★ US Stocks Jump on Strong Tech Earnings

Wall Street began May on a positive trajectory, with the S&P 500 increasing by 0.8%, the Dow Jones adding 100 points, and the Nasdaq rising by 1.4%. This upward momentum was fueled by impressive earnings results from major technology companies and growing optimism about global trade talks. Notably, Microsoft saw a 10% surge in its stock as it anticipated stronger-than-expected growth for its Azure cloud services, while Meta's shares increased by over 6% after reporting revenues that surpassed expectations. In other sectors, General Motors experienced a 1.5% uptick following its announcement of a new profit forecast for 2025, whereas Eli Lilly's shares fell by 6% due to its quarterly results, and McDonald's experienced a 2% dip after reporting a decline in first-quarter sales. Regarding trade discussions, President Trump emphasized potential agreements with nations such as India, Japan, and South Korea, expressing confidence in reaching an accord with China. On the economic front, labor market data revealed that initial jobless claims climbed to a nine-week peak, with continuing claims hitting their highest level since 2021.