On July 29, 2026, all three major US stock indexes moved higher, led by the Nasdaq. As of 2:00 PM ET, the Nasdaq Composite rose 2.3% to 18,652; the S&P 500 rose 1.1% to 5,867; and the Dow Jones Industrial Average rose 0.4% to 39,210. Market sentiment was buoyed by multiple positives, including better-than-expected earnings from tech giants, dovish signals from Fed officials, and economic data showing easing inflationary pressure.
Tech Stocks Surge, FAANG All in Green
The tech sector was the biggest highlight today. Apple, Microsoft, Google, Amazon, and Meta (FAANG) all rose, with Apple up over 3% after its earnings showed iPhone sales exceeded expectations and services revenue hit a record high. Microsoft rose 2.5% on recovering Azure cloud growth. Alphabet (Google) gained 2.8% with advertising business improving quarter-over-quarter. Amazon rose 1.9%, Meta up 2.3%.
Semiconductor Stocks Also Gain
Semiconductor stocks also performed well. Nvidia rose 4.1%, AMD up 3.2%, Intel up 1.8%. Nvidia recently had its price target raised by multiple investment banks due to sustained strong demand for its AI chips. The Philadelphia Semiconductor Index rose 2.7%.
Sector Rotation: Growth Stocks Lead, Defensive Sectors Under Pressure
Today's market style was clearly tilted toward growth stocks. The information technology sector led gains, followed by communication services and consumer discretionary. Defensive sectors such as utilities and healthcare saw smaller gains, with utilities even edging down 0.2%. Money flowing from defensive to growth sectors indicates a recovery in risk appetite.
Chinese ADRs Also Active
Popular Chinese ADRs generally rose. Alibaba up 3.5%, Pinduoduo up 4.2%, JD.com up 2.8%. Baidu rose 3.1% after announcing a partnership with an international automaker to develop autonomous driving. NIO rose 5.0%, XPeng up 4.3%, Li Auto up 3.6%, boosted by new energy vehicle sales data.
News Analysis: Earnings Season Continues to Catalyze Market
Several companies reported earnings today. Besides Apple, tech giants Microsoft, Google, and Meta all delivered impressive results. Additionally, Fed Governor Christopher Waller said in morning remarks that inflation data has moved closer to the 2% target, but 'is not in a hurry to raise rates further,' which the market interpreted as a dovish signal. The 10-year US Treasury yield fell to 4.05%, and the US Dollar Index edged down 0.3%, both favorable for stocks.
Economic Data: Initial Jobless Claims Edge Lower
Data from the Labor Department showed initial jobless claims for the week ending July 25 were 235,000, below the expected 242,000, indicating a still-solid labor market. Market reaction was muted as the focus remained on earnings and the Fed.
Outlook: Technical and Fund Flow Both Positive
Technically, the Nasdaq has broken through its previous high, with MACD forming a golden cross, indicating short-term upward momentum. The S&P 500 has cleared the 5,850 resistance level, poised to challenge its all-time high. In terms of fund flow, today's net foreign inflow into US stocks was approximately $5 billion, with foreign investors continuing to add to US tech stocks. However, next week's US July nonfarm payrolls report could trigger volatility. Additionally, geopolitical risks remain a concern.
Overall, today's US stock midday session saw broad gains led by tech stocks, with optimistic market sentiment. Investors can watch upcoming earnings releases and the nonfarm payrolls data, and adjust positions flexibly.
Risk Warning: The above analysis is for reference only and does not constitute investment advice. The stock market carries risks; invest with caution.
