Wall Street Rally Continues on Strong Earnings and Economic Data

by MarketNewsData

📈 Major Index Performance

  • S&P 500: +0.5%, closes at a record high
  • Nasdaq: +0.7%, also notched a record
  • Dow Jones: +229 points (+0.5%)

🔑 Key Market Drivers

  • PepsiCo jumped ~7.5% after beating Q2 earnings and raising guidance.
  • TSMC rallied after reporting a 61% YoY profit surge, driven by AI chip demand.
  • United Airlines rose ~3.1% on stronger-than-expected Q2 results and an improved forecast.
  • Lucid Group spiked 36% following news of a major autonomous vehicle deployment deal with Uber.

📊 Economic Highlights

  • June retail sales rose 0.6%, signaling consumer resilience.
  • Philadelphia Fed index and initial jobless claims came in better than expected.
  • Atlanta Fed’s GDPNow model raised its Q2 U.S. growth estimate to 2.4%.

💵 Bond Market & Currency

  • 10-year Treasury yield: rose to ~4.45%
  • 2-year Treasury yield: climbed to ~3.91%
  • U.S. dollar strengthened after political signals pointed to continuity at the Fed.

🌍 Global Markets Snapshot

  • Europe: FTSE 100 rose as UK labor data stoked hopes of an August rate cut.
  • Asia: Markets gained on tech momentum; India underperformed slightly amid Fed caution.

🗣 Fed & Policy Notes

  • Fed Governor Waller voiced support for rate cuts, citing risks to growth and jobs.
  • Donald Trump stated he won’t replace Jerome Powell unless there’s cause, reducing uncertainty over Fed leadership.

📌 Quick Take
Markets surged as a perfect storm of solid earnings, strong consumer data, and supportive Fed commentary fueled confidence. Record closes on the S&P and Nasdaq point to broad bullish momentum with AI and consumer spending in focus.

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