S&P 500 Gained for 8th Day, Amazon Operating Income Outlook Falls Short – US Market Wrap

Wall Street’s risk appetite erupted again as strong tech earnings upended the ‘sell America’ narrative that rocked global markets last month in the wake of the tariff shock.

The S&P 500 increased for eight consecutive days, its longest winning streak since August. The Nasdaq 100 closed 1.1% higher. Microsoft and Meta soared on the positive data, raising both equities indices. A reports that the US is considering lifting limits on Nvidia’s sales to the UAE propelled shares higher.

Treasury yields climbed, with the 10-year rate at approximately 4.21%, as investors reduced their bets on US interest rate reduction this year in response to factory activity statistics. The dollar index rose following rumours that Donald Trump’s team had reached out to China to begin tariff talks.

Tech results are mostly driving market confidence, combined with expectations that trade deals will provide several countries with relief from the toughest tariffs, which were first announced on April 2. After the closing bell, Amazon issued an operational income prediction that fell short of expectations, sending shares lower in post-market trade. Apple shares declined after 2Q Service revenue missed estimates.

After parsing a spate of earnings on Thursday, traders will turn their attention to the US jobs report that releases Friday, the last piece of significant data this week.