On Thursday, the S&P500 rose, bolstered by dip-buying in hard-hit tech stocks and increasing hopes the Federal Reserve may deliver more than one rate cut this year.
The NASDAQ Composite added 0.6%, the S&P 500 climbed 0.7%, and the dow jones Industrial Average rose 413 points, or 1%.
International Business Machines gained over 5% after Big Blue reported growing demand for its AI offering and increased its annual cash flow guidance.
RBC said in a recent note management underlined that the GenAI book of business has grown to more than $2B since the launch of watsonx a year ago.
ServiceNow Inc. surged 15% after the software maker reported quarterly results on Wednesday that came in better than Wall Street estimates and increased its annual guidance.
Oppenheimer said in a note ServiceNow’s strong results in the quarter seemed sustainable due to the growing adoption of non-technology workflow solutions and the prioritization of back-office solutions in IT budgets for 2024.
Tesla rose over 3% after reporting its biggest one-day decline in about four years after its recent weak results for the quarter.
In the second quarter, U.S. GDP grew 2.8%, against forecasts of growth of 2%, and an improvement from the 1.4% growth seen in the first quarter of the year.
