On the last trading day of July, the major index is set to close with three straight months of gains. Tech giants MSFT and META are growing fast, and the AI story is starting to deliver. Money keeps flowing into AI, with a “winner takes all” trend.
MSFT jumped 9% in pre-market trading, joining NVDA as the second company in the $4 trillion club. META rose 12%, entering the $2 trillion club, and still has room to grow. The other two in this club are AMZN and GOOGL. AAPL and AMZN will report earnings after the market closes.
The leading AI players are now clear:
• Chips: NVDA and AMD
• Enterprise software: MSFT and ORCL
• AI models: META, GOOGL, and AMZN
• Data centers: CRWV
• Data storage: WDC and STX
The U.S. and South Korea have reached a trade agreement. Fed Chair Powell continued to push back on rate cut expectations yesterday. The market now expects only one rate cut this year.
SPY may test $641.5 during the day, then $645. On the downside, watch the $637 level. If it breaks, there may be a pullback after a rise.
Focus remains on leading tech stocks.
• MSFT may test around $562 at the open
• META may test around $783
• GOOGL is retesting the post-earnings high of $198, a key level for further gains
Pre-market, the four major indexes are moving in different directions. The tech-heavy Nasdaq jumped 1.36%, while the small-cap Russell fell 0.45%. The Dow was slightly up. The S&P 500 gained almost 1% and hit another new high.
Individual stock performance also varied a lot, with more losers than gainers. Among those reporting earnings, most fell:
• QCOM -8%
• LRCX -7%
• KLAC -5%
• MU -2%
In healthcare, ALGN projected zero growth and dropped 31%. On the upside, NCLH rose 13%, and EBAY gained 12%.
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