A midday surge in U.S. equities was spurred on by increased earnings from dominant tech companies. Nasdaq observed a 2% increase, the S&P 500 climbed 1%, and a similar trend was noted in the Dow.
Shares of Alphabet (GOOGL), Google and YouTube's operator, hit an unprecedented high. This milestone followed impressive profit and sales figures, in addition to the announcement of a first-ever dividend declaration and a $70 billion stock buyback scheme.
ResMed's (RMD) shares skyrocketed as the company, known for manufacturing sleep apnea machines, brushed off doubts about potential threats from rising demand for weight loss drugs. Instead, it anticipates this trend to be beneficial for its business operations.
Shares for consumer goods company, Newell Brands (NWL), also reached stellar heights. This was attributed to their better-than-anticipated outcomes, a testament to the effectiveness of its recent strategic turnaround.
Conversely, Intel (INTC) experienced a downfall in share price as its current quarter guidance underperformed against set forecasts, largely due to intensified competitive pressures. This disappointing outlook resulted in a few market analysts revising their stock price predictions for Intel.
Phillips 66 (PSX) watched its shares drop as declining energy prices dented the company's refining margins. Similarly, Exxon Mobil (XOM) suffered from falling share prices as profits decrease due to lower gas prices.
Oil and gold futures remained largely unchanged. Meanwhile, the 10-year Treasury note yield dropped, and the U.S. dollar appreciated against the euro, pound, and yen. The day ended with the majority of significant cryptocurrencies trading on a lower note.