Microsoft, Amazon, Nvidia Lift S&P 500, Nasdaq Higher
U.S. stocks advanced as $NVIDIA Corp(NVDA)$
The $S&P 500(.SPX)$
Policymakers are monitoring the progress in their fight to cool inflation back to their 2% target as they prepare for next week's meeting. The Fed's preferred gauge met Wall Street's expectations, while consumer sentiment continued to weaken, giving policymakers more reason to step in to prevent a slowdown in the economy.
The $U.S. 2-Year Treasury Notes Yield(US2Y.BD)$ slipped to 4.387% from 4.441% in the previous session. The $U.S. 10-Year Treasury Notes Yield(US10Y.BD)$ declined to 4.192%, from 4.227%.
$Gold Futures(AUG4)(GCmain.US)$ rose as declining yields boosted the investment appeal of the precious metal that doesn't offer holders any income.
Microsoft led gains among the Magnificent Seven stocks. On average, analysts expect the tech giant to report quarterly adjusted earnings of $2.94 a share on revenue that's predicted to rise 14.7% to $64.5 billion, according to the average of analyst estimates compiled by Bloomberg.
$3M(MMM.US)$ was the biggest gainer on the S&P 500, rising to the highest since early 2022, after the maker of Post-it Notes, Scotch tape and Command strips reported second-quarter earnings that surpassed analysts' estimates and raised its full-year outlook.
$Charter Communications(CHTR.US)$ shares rallied to become the day's best performer on the Nasdaq after the telecom giant said it lost fewer internet subscribers than expected in the second quarter, muting the impact of its video business' subscriber losses that were steeper than what analysts had modeled.
$Amazon(AMZN.US)$ was the Dow's biggest gainer Friday as investors await the tech giant's earnings results next week. Wedbush expects Amazon Web Services to post growth of over 18% in the second quarter, from a year ago, optimistic on AI's contribution to the business, and the rest of Amazon, Benzinga reported.
$DexCom(DXCM.US)$ shares tumbled 41% to become the worst performer on the S&P 500, after the medical device company expectedly cut its fiscal 2024 revenue outlook to a range of $4 billion to $4.05 billion, from $4.2 billion to $4.35 billion earlier.
$Biogen(BIIB.US)$ shares slumped after European drug regulators rejected the company and Eisai's request for approval of their Alzheimer's medicine Leqembi, citing safety and efficacy issues.
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