Stocks Get Tech Lift as Buyers Emerge After Rout: Markets Wrap
(Bloomberg) — Wall Street staged a comeback as dip buyers emerged, lifting stocks as chipmakers rebounded while data signaled the economy remains in good shape, but isn’t overheating.
Following a drawdown in one of Wall Street’s most-crowded trades, semiconductor giants rallied in early trading. Nasdaq 100 futures climbed 1.5%. Microsoft Corp. jumped 9% as its cloud unit grew at the fastest clip in four years. Those gains overshadowed a slide in Meta Platforms Inc., following a disappointing quarterly revenue forecast.
Equities held gains after data showed a pickup in consumer spending and solid business investment even as the US economy grew at a weaker-than-expected pace in the second quarter. Treasuries barely budged, with 30-year yields remaining at the highest level since 2007. The dollar fell. Oil fluctuated.
All eyes will be on results from Apple Inc. and Amazon.com Inc. after the closing bell for more clues on the path for the Magnificent Seven technology behemoths. The group has largely underperformed the broader market this year on mounting concerns over whether the vast sums being poured into artificial intelligence will pay off.
“We remain constructive on the AI growth story, but believe investors should manage concentration risk by broadening their exposure to defensive tech stocks,” said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office.
Corporate Highlights:
Qualcomm Inc., the largest maker of smartphone processors, gave a weak profit forecast for the current quarter, signaling that component shortages and rising costs are taking a toll on its main market. Samsung Electronics Co. posted a 250-fold surge in chip profits and now expects memory shortages to worsen next year, reflecting the relentless pace of a global AI infrastructure buildout. Intercontinental Exchange Inc., the parent of the New York Stock Exchange, agreed to buy MarketAxess Holdings Inc. for about $6 billion in cash, adding one of the world’s biggest fixed-income exchanges to ICE’s collection of trading platforms. Bristol Myers Squibb Co. boosted its sales and profit outlook for 2026 after second-quarter demand for most of the drugmaker’s portfolio beat Wall Street’s expectations, led by newer medicines for heart conditions and cancer. Hershey Co. posted better-than-expected results as the candy maker continued to benefit from raising prices. Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.6% as of 8:54 a.m. New York time Nasdaq 100 futures rose 1.7% Futures on the Dow Jones Industrial Average rose 0.4% The Stoxx Europe 600 rose 0.6% The MSCI World Index rose 0.2% Currencies
The Bloomberg Dollar Spot Index fell 0.2% The euro was little changed at $1.1472 The British pound was little changed at $1.3372 The Japanese yen rose 0.3% to 162.91 per dollar Cryptocurrencies
Bitcoin rose 2.2% to $64,824.83 Ether rose 2.2% to $1,923.57 Bonds
The yield on 10-year Treasuries was little changed at 4.68% Germany’s 10-year yield advanced two basis points to 3.18% Britain’s 10-year yield declined three basis points to 5.01% Commodities
West Texas Intermediate crude fell 0.3% to $84.22 a barrel Spot gold was little changed ©2026 Bloomberg L.P.
