Tech Stocks Lead the Charge
Thursday's trading session saw major U.S. indices close on a positive note, with the Dow Jones Industrial Average climbing 0.85% to reach 38,225.66. The S&P 500 also showed gains, up 0.9% to 5,064.20. The Nasdaq led the rally, surging 1.5% to finish the day at 15,840.96.
Tech stocks were the stars of the show on Thursday, with Apple and Coinbase leading the gains. Apple's stock closed the day with a 2.20% increase at $173.03, fueled by its strong second-quarter earnings report. The company announced a massive $110-billion stock buyback program and a slight increase in its quarterly dividend, exceeding analysts' expectations.
Coinbase, the cryptocurrency trading platform, also saw its stock soar by 8.93% to close at $228.85. The company reported first-quarter financial results that beat the Street consensus estimate, with total revenue of $1.64 billion and GAAP EPS of $4.40. The results highlighted an all-time high in institutional trading volume.
Block, formerly known as Square, also saw its stock rise by 5.18% to close at $70.30. The company reported first-quarter financial results that beat the analyst consensus estimate, with quarterly sales of $5.957 billion and adjusted earnings of 85 cents per share.
Amgen, a biotechnology company, saw its stock increase by 0.37% to close at $278.39. The company reported first-quarter financial results that beat the analyst consensus estimate, with quarterly earnings of $3.96 per share and sales of $7.45 billion.
Tesla's stock saw a slight increase of 0.06% to close at $180.1. The EV giant reportedly abandoned its pioneering manufacturing process, indicating a shift in strategy amid falling sales and increasing competition. The report suggests a step back from its ambitious gigacasting plan.