Closing Bell Movers: Microsoft jumps 9%, Meta up 12% on earnings beats

In the opening 90 minutes of the evening session, U.S. equity futures are notably higher thanks to more positive earnings from mega-cap Tech.  S&P500 futures are up 0.8% above 6,440 while Nasdaq is up 1.1% above 23,730 – suggesting an all-time high for the tech-heavy index.  Dow Industrials are up a more modest 0.2% above 44,700.  In commodities, WTI Crude Oil is up another 0.5% above $70 per barrel – a one-month high – while Metals are highlighted by volatility in Copper.  The front-month contract was down nearly 20% today below $4.70 – a two-month low – after President Trump unveiled 50% tariffs on copper products but not on the raw material itself.

Strong earnings and  all-time highs being made afterhours by Meta (META) and Microsoft (MSFT) following blowout Q2 results by both companies have more than made up for the late-session malaise on Wednesday following a non-committal outlook by Fed Chair Powell in terms of easing at the next FOMC policy meeting in September, even though today’s decision contained two dissenting votes calling for a cut.   CME Fed Funds futures projections for a September rate cut have risen sharply after the Fed Chair’s presser from over 60% going into today’s decision to just over 40%.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS – 

• Impinj (PI) up 22.3%
• Alignment Healthcare (ALHC) up 16.9%
• Carvana (CVNA) up 15.4%
• Modine Manufacturing (MOD) up 11.8%
• Meta Platforms (META) up 11.5%
• eBay (EBAY) up 11.2%
• Aurora Innovation (AUR) up 11.2%
• Western Digital (WDC) up 9.3%
• Microsoft (MSFT) up 8.6%
• Tenable (TENB) up 8.6%
• Tyler Technologies (TYL) up 2.8%

DOWN AFTER EARNINGS –

• Align Technology (ALGN) down 35.7%
• FormFactor, Inc. (FORM) down 14.3%
• Eos Energy Enterprises (EOSE) down 13.0%
• Arm Holdings plc (ARM) down 8.5%
• Lam Research (LRCX) down 5.8%
• Qualcomm (QCOM) down 5.4%
• Dexcom (DXCM) down 4.6%
• Glaukos (GKOS) down 2.5%
• Ford (F) down 1.8%
• Robinhood (HOOD) down 0.5%