The S&P 500 Index ($SPX) (SPY) on Thursday closed up +1.02%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +1.62%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.98%. June E-mini S&P futures (ESM26) rose +1.01%, and June E-mini Nasdaq futures (NQM26) rose +0.95%.
Stock indexes rallied sharply on Thursday, with the S&P 500 and Nasdaq 100 posting new all-time highs and the Dow Jones Industrials posting a 1-week high. Better-than-expected earnings results from Alphabet and Qualcomm supported gains in the broader market. Alphabet rallied more than +9% after reporting Q1 revenue ex-TAC of $94.57 billion, above the consensus of $91.57 billion. Qualcomm surged more than +15% to lead chipmakers higher after reporting stronger-than-expected Q2 adjusted revenue. In addition, lower crude oil prices on Thursday lowered inflation expectations and bond yields, both of which are supportive of stocks. The 10-year T-note yield fell -5 bp at 4.38%.
