Alert: U.S. Stock Markets are at New Highs
Lifted by the continued buying in artificial intelligence suppliers, the S&P 500 (SPY) closed at a record high. Alphabet (GOOG) gained 1.02% on Thursday to give the index its fourth straight record close.
Among the Magnificent Seven, Tesla’s (TSLA) drop of 8.2% for a $305.30 close did not hurt the indices. Tesla posted weak quarterly sales, but Nasdaq (QQQ) closed 0.18% higher.
Looming over the global economy are hopes for a trade deal. Fortunately, the U.S.-Japan trade deal set a 15% tariff on Japan’s imports. This might set a baseline import tariff rate of 15% for the European Union. For the week, the Euro Trust (FXE) gained 1.41% while the U.S. dollar (UUP) lost 1.2%.
The Canadian dollar (FXC) added 0.77% in that time.
Stock markets also brushed aside the drop in IBM stock, which lost 7.62% on Thursday. IBM posted a non-GAAP EPS of $2.80. Revenue rose by 7.6% Y/Y to $17 billion.
Reports that the DoJ would look into UnitedHealth (UNH) sent the stock down by 4.76%. Molina (MOH) lost 16.84% after the CEO issued a forecast that was lower than the most recent revenue warning. The Medicaid cuts are hurting Molina and Centene (CNC). Humana (HUM), Elevance (ELV), CVS Health (CVS), and Cigna (CI) also traded lower.
