From Yahoo Finance: 2025-05-01 05:43:00

U.S. stocks surged as Dow and S&P 500 extended gains for the eighth straight session on strong results from Microsoft and Meta. Microsoft’s cloud-computing forecast drove its stock to surpass Apple. Meta posted higher-than-expected revenue, easing concerns about AI spending and tariffs’ impact on economic growth.

Tech and communication services led sector gains, with the S&P 500 gaining 0.60% and Nasdaq rising 1.46%. Amazon and Apple’s earnings awaited. Apple shares alternated gains and losses after a ruling on App Store violations. Economic data showed mixed results, with increased layoffs and U.S. manufacturing contraction.

Eli Lilly beat expectations but fell after CVS dropped its obesity drug from reimbursement lists. McDonald’s shares declined after a drop in global sales. Qualcomm forecasted revenue hit from the trade war. The Dow’s longest winning streak in a year and S&P’s longest since August continued, amid concerns about AI spending and tariffs.

Read more: Stocks close sharply higher, lifted by Microsoft, Meta earnings