The New York Stock Exchange sign displayed outside the Wall Street
The New York Stock Exchange opened higher on Thursday, with tech company earnings boosting market sentiment amid growing concerns about the situation in the Middle East.
In early trading, the Dow Jones index gained 247.12 points, or 0.51% to 49,108.93 points and the broader Standard & Poor’s 500 rose by 0.43% to 7,166.59 points.
The Nasdaq Composite increased by 0.61%, or 149.53 points, to 24,822.77 points.
Technology giants’ earnings were well received, overshadowing fears about the Middle East, which had pushed oil prices to their highest level in over four years earlier in the day.
Alphabet, Google’s parent company, surged over 6% in early trading after a record quarter for its “cloud” division, while Amazon gained 2% after exceeding sales forecasts in the same sector.
On the other hand, Meta, which raised its investment spending forecast for 2026, suffered a decline (-7.8%), and Microsoft lost over 3%, with its Azure division failing to meet investor expectations.
Geopolitical tensions remain high and could lead to some volatility, especially after Axios reported that President Donald Trump is set to consider new strikes against Iran on Thursday, dampening investor optimism for a diplomatic resolution to the conflict.
The war and its impact on prices, coupled with the continued blockage of the Strait of Hormuz, have cast a shadow over economic prospects since the conflict began, including Wednesday when the Federal Reserve (Fed) kept interest rates unchanged while expressing increasing concerns about inflation.
Macroeconomic data released prior to the market opening on Thursday showed that economic growth accelerated in the United States in the first quarter, likely a temporary trend, while PCE inflation, closely monitored by the central bank, rose in March due to the increase in gasoline prices.
Among other stocks, Eli Lilly, which raised its annual profit and sales forecasts, climbed by 6%.
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(Reporting by Diana Mandi¡)
