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Nasdaq and S&P 500 Hit Record Highs Amid Tech Rally; Dow Falters on Weak IBM and Tesla Earnings

The New York Stock Exchange experienced a mixed trading session as optimism over trade negotiations and a strong tech sector propelled the Nasdaq and S&P 500 to record intraday highs. However, the Dow Jones Industrial Average slid into the red, weighed down by disappointing earnings results from IBM and Tesla.

On July 24, the Nasdaq Composite Index advanced by 50.63 points (0.24%) to close at 21,070.65, while the S&P 500 inched up by 5.51 points (0.09%) to settle at 6,364.42. In contrast, the Dow dropped by 271.72 points (−0.60%) to finish at 44,738.57.

Alphabet Fuels Tech Boom, Driving Nasdaq and S&P 500 Higher

A standout performance by Alphabet (Google) powered the technology sector and lifted broader indices. The tech giant reported better-than-expected second-quarter earnings and revenue, sending its stock surging over 3%. Alphabet’s rally created a ripple effect, boosting other tech stocks and propelling the Nasdaq and S&P 500 to new highs during the session.

IBM and Tesla Troubles Drag Down the Dow

While tech stocks thrived, the Dow Jones struggled due to weak performances from IBM and Tesla. IBM shares plummeted 9% after disappointing results in its software division, while Tesla slid 9% after posting a second consecutive quarterly decline in automotive sales. Together, these two companies placed significant pressure on the blue-chip index.

Federal Reserve and Trump Tensions Take Center Stage

Investors kept a close eye on escalating tensions between President Donald Trump and the Federal Reserve. The White House confirmed that President Trump would meet with Fed Chair Jerome Powell—a significant occurrence, as it marks the first official presidential visit to the U.S. central bank in two decades. Analysts cautioned that this meeting may heighten political pressure on the Fed, sparking further debate about its independence.

U.S.-EU Trade Negotiations on Cusp of Agreement

Renewed optimism over resolving U.S.-EU trade disputes lifted market sentiment. Reports suggested that both parties were nearing an agreement to adjust tariff increases to 15%, potentially paving the way for healthier international trade relations. Professor Jeremy Siegel from the Wharton School commented, “A finalized trade agreement would act as a strong catalyst for stock markets, driving further growth worldwide.”

Sector Performance Remains Uneven

Sector movements painted a mixed picture on Wall Street. The communication services sector gained 1%, benefiting from Alphabet’s strong earnings. However, other sectors struggled: consumer discretionary fell 1.4%, materials declined by 1.1%, and energy dipped 0.5%. Among individual stocks, Chipotle saw a sharp 12% drop due to subpar earnings results, while ServiceNow surged 6% thanks to robust quarterly performance.

European Stock Markets Show Mixed Trends

Across the Atlantic, European markets reported uneven results. The Euro Stoxx 50 was virtually flat, inching up 0.01%. Germany’s DAX posted modest gains of 0.06%, and the U.K.’s FTSE 100 climbed 0.81%. On the other hand, France’s CAC 40 lagged, retreating by 0.57%.

Crude Oil Prices Edge Higher Amid Market Optimism

Oil prices ticked up as international benchmarks rallied on investor optimism. West Texas Intermediate (WTI) crude for September delivery rose 0.93%, settling at $65.86 per barrel, while Brent crude advanced 0.76% to reach $69.03 per barrel.

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