July 25 - Wall Street's main indexes climbed on Thursday, a day after a tech-triggered sell-off, with small-cap stocks and stronger-than-expected GDP data providing support.
While Alphabet's , shares fell 0.8%, Tesla , rose 4.5%. Lackluster earnings from the Google parent and the electric vehicle maker had pummeled the so-called Magnificent Seven group of tech stocks on Wednesday, prompting the Nasdaq , and S&P 500 , to log their worst day since 2022. Bets on a 25-basis-point cut by September stood at 85.8%, from around 78% prior to Thursday's data, CME's FedWatch Tool showed. Investors now await personal consumption expenditures price data on Friday to confirm bets of an early start to Fed rate cuts, after the recent trend of easing inflation and some labor market weakness.
Among earnings-driven moves, IBM , shares jumped 5.8%, also boosting the blue-chip Dow, after the tech company beat estimates for second-quarter revenue and raised the annual growth forecast for its software business.
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