S&P 500 rides Meta, Microsoft surge to fresh record high
September 4, 2025
S&P 500 closed lower after retreating from intraday record highs Thursday, even as Meta Platforms, and Microsoft surged after reporting blowout quarterly results.
At 3:08 p.m. ET (20:08 GMT), the Dow Jones Industrial Average fell 330 points, or 0.7%, the S&P 500 index fell 0.01% after hitting a record high of 6,427.02, and the NASDAQ Composite fell 0.03%.
Meta, Microsoft surge after robust earnings
The first results from the so-called “Magnificent Seven” group emerged after the close of the previous session, with tech giants Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META) impressing after blowout second-quarter results and guidance.
Meta Platforms stock soared after strength in the Facebook-owner’s crucial advertising business powered better-than-anticipated sales in the April-to-June period and raised hopes that the company’s artificial intelligence investments are beginning to bear fruit.
AI played a major role in results from Microsoft as well, with the nascent technology supercharging performance at the software giant’s cloud computing division.
Apple (NASDAQ:AAPL) and Amazon.com (NASDAQ:AMZN) are set to report their results after the close Thursday.
Elsewhere, Comcast (NASDAQ:CMCSA) stock rose after the mass media giant reported stronger-than-expected second-quarter results despite a loss of broadband customers.
Biogen (NASDAQ:BIIB) stock gained after the drugmaker posted better-than-anticipated first-quarter revenue and raised its full-year guidance thanks in part to solid sales of its Alzheimer’s drug.
Norwegian Cruise Line (NYSE:NCLH) stock surged after the cruise operator reported record second-quarter revenue and reaffirmed full-year guidance.
CVS Health (NYSE:CVS) stock gained strongly after the health insurer raised its annual profit forecast after beating estimates for second-quarter profit, as tight oversight of higher medical costs led to improved performance for its Aetna health insurance business.
On the flip side, Qualcomm (NASDAQ:QCOM) stock slumped as the looming loss of Apple (NASDAQ:AAPL) as the chip maker’s biggest modem customer outweighed its upbeat quarterly forecast.
U.S. labor market remains stable
Data released earlier Thursday showed that the number of Americans filing new applications for unemployment benefits increased marginally last week, suggesting that the labor market remained stable, though it is taking longer for laid-off workers to find new opportunities.
Initial claims for state unemployment benefits rose 1,000 to a seasonally adjusted 218,000 for the week ended July 26, the Labor Department said on Thursday.
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