#Wall_Street’s main indexes advanced on Friday as most #megacap #growth #stocks rose after robust quarterly results from #Alphabet (NASDAQ:#GOOGL) pushed its market value over $2 #trillion, while an in-line inflation reading calmed interest rate jitters.
Alphabet jumped 10.8% to a record high after the #Google-parent announced its first-ever dividend, a $70 #billion #stock buyback and beat estimates for first-quarter results.
The share surge led to the search giant’s #market value briefly topping $2 #trillion on an intraday basis.
Lifting sentiment further, #Microsoft (NASDAQ:#MSFT) gained 2% on beating #Wall #Street estimates for third-quarter revenue and profit, driven by gains from AI adoption across its cloud services.
Other growth stocks also rose on the results, with Amazon (NASDAQ:#AMZN) and Nvidia (NASDAQ:#NVDA) up 1.7% and 1.6%, respectively.
Aiding further gains, the personal consumption expenditures(#PCE) #price index rose 0.3% in March, in line with estimates by economists polled by #Reuters. In the 12 months through March, #PCE inflation advanced 2.7% against expectations of 2.6%.
Excluding the volatile food and energy components, the #PCE price index increased 0.3% last month against expectations of a 0.3% increase. Annually, it came in at 2.8% #versus forecasts of 2.7%.
“This is a good number in (the #sense) that it doesn’t hurt the confidence of the Fed that inflation’s moving in the right direction, but it doesn’t necessarily add to their confidence (#that) it’s going towards their 2% #target on a sustainable basis,” said #Steve #Wyett, chief investment strategist at BOK Financial.
Money markets priced in a firmer chance of a rate cut in September after the data.
Yield on the benchmark 10-year Treasury note fell after the data, last standing at 4.6506%
The upbeat earnings across several sectors this week have propped up Wall Street’s main stock indexes for weekly gains, with the benchmark S&P 500 looking to snap three weeks of losses while the #Nasdaq is set to end four straight weeks of declines.
Adjusted blended earnings for the first quarter are estimated to grow by 8.7% on a year-on-year basis versus 7.4% growth seen on Thursday, according to LSEG data.
At 9:43 a.m. ET, the #DowJones Industrial Average was up 94.39 #points, or 0.25%, at 38,180.19, the S&P 500 was up 36.08 points, or 0.71%, at 5,084.50, and the #Nasdaq #Composite was up 207.74 points, or 1.33%, at 15,819.50.
Seven of the 11 major S&P 500 sectors were trading higher, with communication services jumping 4.6%, while energy led losses with a 1.1% fall.
#Snap surged 24.4% after the social media firm beat first-quarter estimates for quarterly revenue and user growth. Shares of Pinterest (NYSE:#PINS) also rose 4.1%.
Exxon Mobil (NYSE:#XOM) lost 2.8% after the largest U.S. oil company missed analysts’ estimates with a 28% year-on-year drop in first-quarter profit.
Intel (NASDAQ:#INTC) dropped 12.3% on forecasting second-quarter revenue and profit below estimates as it faces weak demand for its traditional data center and #PC chips and trails in the surging #market for AI components.
Advancing #issues outnumbered decliners by a 3.01-to-1 ratio on the NYSE and by a 2.14-to-1 ratio on the #Nasdaq.
The S&P index recorded seven new 52-week highs and eight new lows, while the Nasdaq recorded 18 new highs and 30 new lows.
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