Strong Earnings Outweigh AI Jitters, Trump Meets with Netanyahu, More
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What is the main topic discussed in this episode?
Next week on Leaders, with me, Francine Lacqua. I speak with investor and entrepreneur Amanda Stavely on the boldest deal of her career.
That was bold. That was brave.
Walking away from Newcastle.
It was the toughest decision I've made.
And what she's looking for in her next football club.
I just want a challenge, and that's what excites me.
Listen and watch Leaders with me, Francine Lacqua, on Bloomberg Television or wherever you get your podcasts.
News when you want it with Bloomberg News Now. I'm Amy Morris. Stocks rose on strong earnings and a drop in oil prices. A semiconductor route left the Nasdaq 100 on the brink of a technical correction with chip makers heading toward their worst month since 2002. The slide in semiconductor powerhouses underscores how quickly sentiment has turned on one of the market's most crowded trades. We bring you the closing numbers each day here at Bloomberg. The S&P 500 gained 16 points. NASDAQ lost 55. The Dow gained 537 points. That's more than 1% higher. The 10-year Treasury yield at 4.6% and the 2-year yield at 4.27%. So oil is lower. That outweighed those AI price jitters. WTI at $79 a barrel and Brent crude nearing $84 a barrel.
Ford shares up more than 6% in after-hours trading after the company posted earnings ahead of Wall Street estimates and raised its outlook for the year on higher prices and strong sales of high-margin sport utility vehicles. Visa reported a fiscal third quarter profit that beat Wall Street estimates hours after the world's biggest payments network told staff it's eliminating about 2,600 jobs. Visa shares now down 2% in the post market. Mondelez shares are up 1% in the post market after the snack food company forecast organic net revenue of at least 2% that beat estimates. The Philadelphia Semiconductor Index fell nearly 4.5%, led by Micron, which dropped nearly 9% in regular trading. A sell-off in semiconductor stocks deepened as signs of progress in China's advanced chipmaking compounded concerns about the sustainability of the AI spending boom.
Mandeep Singh is Global Head of Tech Research for Bloomberg Intelligence.
This is a multi-year technology spend and you are going to see phases of nervousness around, are we spending too much right now? But overall, everyone feels they have to invest. There is no way out of it.
How did strong earnings and lower oil prices drive today's stock gains?
And, you know, this is another one of those phases where you will see a correction, but it's not going to be meaningful.
Hear more from Mandeep Singh on the Bloomberg Intelligence podcast. NVIDIA CEO Jensen Huang on Capitol Hill today speaking to reporters during his visit to the Senate, calling open weight models crucial for AI security.
We need open weight for the American industry. We need open weights for security.
Why are semiconductor stocks sliding toward their worst month since 2002?
We need open weights for safety. And it's really important for the vibrancy of the whole industry.
Wang also reportedly met with Commerce Secretary Howard Lutnick today as the Trump administration investigates potential violations involving NVIDIA chip exports to China. But Axios reports it's not clear exactly what the men discussed. Apple became just the second company ever to achieve a $5 trillion market valuation. It has since dipped back below that threshold. It ended today just shy of that. Consumer confidence fell in July as Americans' views about current business conditions and the labor market deteriorated. The conference board's gauge of confidence decreased down to 90.8. That's after an upward revision the month before. Senior U.S. economist Yelena Shelyateva with the conference board says the report highlights how sensitive customers are to gas prices.
In July, gasoline prices are still 10 cents lower than they were in June. Consumers were planning to spend a little bit more on going out, on traveling. So consumers definitely took a note of that.
Senior U.S. economist Yelena Shiliteva at the Conference Board on Bloomberg Intelligence. President Trump and Israeli Prime Minister Benjamin Netanyahu had a lengthy meeting at the White House to discuss the latest with Iran.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:01–2:31
2
How did strong earnings and lower oil prices drive today's stock gains?
2:31–2:56
3
Why are semiconductor stocks sliding toward their worst month since 2002?
2:56–6:30
4
Which big companies reported earnings and how did markets react after hours?
6:30–7:30
Speakers
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