Stocks Get Tech Boost 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 the market’s most-crowded trades, semiconductor giants rallied. The Nasdaq 100 climbed 2.1% a day after entering a technical correction. Microsoft Corp. jumped 12% 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 economy grew at a weaker-than-expected pace in the second quarter. In the aftermath of the Federal Reserve decision, longer-dated Treasuries continued to underperform shorter maturities.
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 megacaps. The group has lagged behind the broader market this year on mounting concerns over whether the vast sums being poured into artificial intelligence will pay off.
“Despite near-term volatility, the outlook for US equities remains constructive, supported by strong corporate earnings, ongoing AI adoption, a resilient economy, and favorable financial conditions,” said Sameer Samana at Wells Fargo Investment Institute.
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
The S&P 500 rose 0.9% as of 9:31 a.m. New York time The Nasdaq 100 rose 2.1% The Dow Jones Industrial Average rose 0.6% The Stoxx Europe 600 rose 0.9% The MSCI World Index rose 0.8% Currencies
The Bloomberg Dollar Spot Index fell 0.3% The euro rose 0.1% to $1.1480 The British pound was little changed at $1.3372 The Japanese yen rose 0.4% to 162.77 per dollar Cryptocurrencies
Bitcoin rose 2% to $64,719.86 Ether rose 2.1% to $1,921.86 Bonds
The yield on 10-year Treasuries declined two basis points to 4.66% Germany’s 10-year yield was little changed at 3.17% Britain’s 10-year yield declined five basis points to 4.99% Commodities
West Texas Intermediate crude fell 1.3% to $83.38 a barrel Spot gold rose 0.3% to $4,079.12 an ounce ©2026 Bloomberg L.P.
