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Informist, Monday, Aug. 10, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: US markets close up led by gains in tech stocks

 

MUMBAI--0705 IST--Major US indices closed higher Friday boosted by a technology-led rally. Technology major SpaceX closed around 16% higher. Apple and Nvidia also posted gains Friday. The S&P 500 index ended at 7757.64, a record closing high. The tech-heavy Nasdaq Composite closed more than 1% higher and the Dow Jones Industrial Average closed slightly higher. This came after the Labour Department posted 23,000 losses in non-farm payroll jobs and the unemployment rate came in at 4.1%, which eased fears about an interest rate hike from the US Federal Reserve at its next meeting in September. 

 

The market expectation for a rate hike fell to 44% from 61% at the end of July, according to the CME FedWatch tool. "You probably have to lower rates to kind of stimulate job growth, but if you lower rates, you're going to also stimulate inflation. So you're kind of in a pickle at this point, and yet the market's just taken off because earnings have been stellar," Reuters quoted Tom Siomades, chief market economist at AE Wealth Management in Topeka, Kansas, as saying. "The market should be reacting to weak job numbers and higher inflation and the possibility of a slow-growth economy that may need to have rates raised rather than cut, and yet it's not. We're setting records, so go figure." 

 

Shares of hospitality company Airbnb closed more than 17% higher after it reported a better-than-expected forecast and higher earnings in the June quarter, which beat the estimates, CNBC reported. The company reported revenue of $3.61 billion, up 17% from $3.1 billion from the year-ago quarter and around 1% higher than the expected $3.58 billion. The company's earnings per share came in at $1.37 against the $1.25 expected, CNBC reported. 

 

Investors await inflation data due this week. Investors will also watch the earnings of consumer companies such as On Holding and Cava Group, as well as technology firms including Super Micro and CoreWeave, due this week. 

 

Following were the levels of major US indices Friday:

 

Index	Level	Change in %
Dow Jones Industrial Average	54036.93	0.3
NASDAQ Composite	26690.62	1.3
S&P 500	7757.64	0.6

 

(Deesha Jadhav)

 

US$1 = INR 95.21

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by 

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

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