Stocks Close Higher, Trump Questions Missiles for Ukraine, More
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News when you want it with Bloomberg News Now. I'm Amy Morris. There's your closing bill for this Friday, this last day of the month on Wall Street, where a rally in technology heavyweights lifted stocks. And we bring you the closing numbers each day here at Bloomberg. The S&P 500 gained 52 points. The Nasdaq gained 252 points. Dow Jones gaining about 278 points. The 10-year Treasury yield at 4.7% and the two-year yield at 4.26%. The Philadelphia Semiconductor Index ended the day little changed, led by NVIDIA, which advanced about 3% in regular trading. We'll get back to tech in just a minute. But first, President Trump says the U.S. must be careful about giving a license to Ukraine to build Patriot air defense missiles.
During his cabinet meeting at Camp David, Trump says it's not a done deal.
We have to be very careful about it. letting somebody build them. We have not agreed to that. We're talking about it.
Trump is a bit more reserved than he was on July 8th when he met with Ukraine President Vladimir Zelensky at the White House and talked about the license to build Patriot missiles.
We'll give them the right to make Patriots. We'll show them how to do it. It's very complex, actually, but you'll figure out the complexity quickly.
Zelensky says the Patriot system is crucial to Ukraine's ability to intercept incoming ballistic missiles from Russia. And Trump says he's losing confidence in Iranian negotiators because of missile attacks Iran launched against U.S. forces in Jordan. And that the U.S. strikes are taking a toll.
We're in for five months and we have obliterated their military capacity. Again, they've got some left, but soon they won't have some left.
Oil now more than 1% higher, WTI closing in on $85 a barrel and Brent Crude topping $90 a barrel. ExxonMobil and Chevron put their profits back into debt reduction and not huge buyback increases because they don't know how long these price rallies will last. Bloomberg's Dan Curtis says Chevron saw record U.S. production.
How did tech stocks drive the market close and what were the headline indices?
Offsetting a 10% decrease in international refining due to supply disruption from the Iran war. It is part of a consortium exploring options for a new pipeline to the Mediterranean as an alternative to shipping through the Persian Gulf. So it's looking ahead on how to kind of counter some of that disruption.
Bloomberg's Dan Curtis, ExxonMobil shares fell about 1% in regular trading and Chevron shares more than 2% higher. Back to tech now. Apple tumbled after component shortages weighed on the company's sales forecast. Bloomberg's Ed Ludlow.
It came down to a really critical question, which is what does the world look like in three months relative to today? And Apple made some pretty stunning concessions that they had misjudged demand on the smartphone side and on other products.
Bloomberg's Ed Ludlow, Apple shares fell more than 8% in regular trading. Amazon and Microsoft showing that their AI spending spree is still solid. Amazon boosting its forecast for full-year capital expenditures to $220 billion, most of that spending going toward AI. The outlook from Amazon and other hyperscalers, including Microsoft, showed there's been no let-up in ambitions for building AI infrastructure. Microsoft's $450 billion jump yesterday is the biggest in stock market history, adding nearly a half trillion dollars to its value. Microsoft shares are 2.5% higher, and Amazon shares have jumped 15% in regular trading. Consumer sentiment rose to a five-month high in July. The University of Michigan's final July sentiment index increased to 55.2, with improvements in sentiment seen across income, age, education, and political parties.
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