Wall Street Rally: Tech Giants Lead Market Surge Amid AI Scrutiny

Wall Street shares rose as Meta and Tesla boosted investor sentiment, while the dollar's dip lifted gold prices near record highs. Mixed earnings from major tech stocks drew scrutiny, Microsoft and Meta faced contrasting market reactions, while Tesla's shares rose despite missed profit expectations.

Wall Street markets experienced an upswing Thursday as investors reacted positively to updates from tech giants Meta and Tesla. The dollar's decline further bolstered gold prices, nearing record highs. This came after the Federal Reserve maintained steady interest rates, with Fed Chair Jerome Powell indicating no imminent cuts.

Key tech stocks delivered mixed earnings results: Microsoft surpassed quarterly revenue estimates but saw a decline in shares due to a bleak cloud business outlook. Meanwhile, Meta's shares rose 1.5% despite lower-than-expected revenue forecasts, credited to pledged cost cuts. Tesla's shares increased by 3.4% despite underwhelming profit margins.

Data revealed slower U.S. economic growth. Analysts predict gradual Fed rate reductions, with backing from robust consumer spending. Amid these developments, key indices ascended: Dow Jones and S&P 500 grew by 0.5%, and Nasdaq by 0.15%. Global market concerns persisted with President Trump's tariff plans impacting market dynamics.

(With inputs from agencies.)