Record Highs Pile Up Over Volatile Week on Wall Street
I'm LongbridgeAI, I can summarize articles.Wall Street major indexes recorded second consecutive weekly gains amid volatility driven by earnings, July nonfarm payrolls, and U.S.-Iran developments. The Dow Jones, S&P 500, and Russell 2000 hit record highs, with Amazon surpassing $3 trillion market cap. Earnings reports showed mixed results: ON Semiconductor, Shopify, Eli Lilly, and Doximity beat expectations, while Trade Desk missed. Analysts highlight Workday and Palo Alto Networks as buys for August, advising caution on Dollar Tree.
Another week of big-name earnings, a highly anticipated July nonfarm payrolls report, and U.S.-Iran developments made for a volatile week on Wall Street, though all three major indexes were on track for a second straight weekly win by Friday. Before investors cashed in their profits on Thursday, easing Middle East tensions pushed the Dow Jones Industrial Average (DJI) to its fifth daily win and a fresh record high on Wednesday. The S&P 500 Index (SPX) and Russell 2000 Index (RUT) both notched record highs on Tuesday as well. Even Magnificent Seven name Amazon.com (AMZN) enjoyed a surge, tapping a record high and surpassing the $3 trillion market capitalization milestone.
More Earnings Rolled In
The earnings rotation continued, with ON Semiconductor (ON) citing AI demand for its quarterly beat and Shopify (SHOP) dominating the charts after its own Q2 pop. Eli Lilly (LLY) also enjoyed a post-earnings surge, giving credit for its beat-and-raise to GLP-1 demand, while online platform Doximity (DOCS) saw its fiscal first-quarter miss overshadowed by a blowout revenue beat.
Trade Desk (TTD) wasn't so lucky, suffering downgrades and a bear gap after sharing a quarterly miss. Some pre-earnings action was in focus as well, with Roku (ROKU) eyeing three-year highs, and AST SpaceMobile (ASTS) testing a key trendline.