Nasdaq Opens Higher as Microsoft Surges on Strong Results; Meta Falls
The Nasdaq opened up 1.62%, the S&P 500 rose 0.96%, and the Dow gained 0.61%. The Philadelphia Semiconductor Index opened up 6.1%. Microsoft jumped more than 12%, marking its biggest one-day gain since 2020, after the company reported strong quarterly results, with cloud revenue rising more than 40% and capital spending coming in below expectations. Nvidia rose more than 1%. Memory-related stocks advanced, with SK Hynix up more than 7% and Micron Technology up more than 7%. Oracle rose more than 3% after announcing an expanded partnership with Google. Arm at one point surged 19%, its biggest gain since March 25. Meta fell 10%, posting its largest intraday drop since October 30, after results showed the company’s second-quarter cash flow declined sharply.