A post-earnings surge in Meta Platforms Inc. META and Microsoft Corp. MSFT sent major tech-heavy indices to fresh record highs Thursday, capping a fourth consecutive month of gains for U.S. equities.

By midday in New York, the S&P 500 rose 0.7% to break above 6,400, while the Nasdaq 100 climbed past 24,500 — each logging new intraday highs.

Meta jumped 11% after delivering blockbuster second-quarter results and upbeat revenue guidance. Microsoft climbed about 5% after reporting strong Azure revenues.

The combined market value of the Magnificent Seven swelled past $19.4 trillion, with both Microsoft and Nvidia Corp. NVDA worth more than $4 trillion.

Indexes with less tech exposure lagged: the Dow Jones added just 0.1%, while the Russell 2000 slipped 0.1%.

The broader market surge came despite hotter-than-expected inflation data that supported the Federal Reserve's decision to keep interest rates steady in July.

The Personal Consumption Expenditures (PCE) price index rose to 2.6% in June from 2.3% in May, surpassing the 2.5% forecast. Core PCE, the Fed's preferred inflation gauge, held at 2.8%, above the 2.7% consensus.

Traders are now pricing in just a 39% chance of a rate cut in September, according to the CME FedWatch Tool, down from 65% earlier this week.

On trade, President Donald Trump announced a new 15% tariff on select South Korean imports, while a deal with Mexico was extended for another 90 days.

The U.S. dollar index gained 0.1%, aiming for its sixth straight daily gain and the longest winning streak since 2022.

Commodities remained under pressure. Copper fell another 5% to $4.39 per pound, nearing April's lows after Wednesday's historic 19.4% drop triggered by tariff exemptions on refined copper.

Silver lost 1.3%, while gold edged up 0.5% to $3,290 per ounce.

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In crypto, Bitcoin BTC/USD rose 0.9% to $118,871.

Thursday’s Performance In Major U.S. Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF VOO rose 0.6% to $586.59.
• The SPDR Dow Jones Industrial Average DIA inched 0.1% up to $444.99.
• The tech-heavy Invesco QQQ Trust Series QQQ rose 0.5% to $570.89.
• The iShares Russell 2000 ETF IWM eased 0.2% to $221.21.
• The Communication Services Select Sector SPDR Fund XLC outperformed, up 1.6%; the Health Care Select Sector SPDR Fund XLV lagged, down 0.7%.

Thursday’s Stock Movers

Stocks moving on earnings reports included:

• Microsoft Corp. up 4.5%
• Meta Platforms, Inc. up 12.3%
• Mastercard Inc. MA up 3.0%
• AbbVie Inc. ABBV up 2.5%
• S&P Global Inc. SPGI up 4.3%
• QUALCOMM Incorporated QCOM down 6.2%
• KKR & Co. Inc. KKR down 2.4%
• Comcast Corporation CMCSA up 2.4%
• Lam Research Corporation LRCX down 4.5%
• Intercontinental Exchange, Inc. ICE up 0.4%
• The Southern Company SO up 0.3%
• Bristol-Myers Squibb Company BMY down 4.6%
• Carvana Co. CVNA up 18.2%
• CVS Health Corporation CVS up 1.6%
• Equinix, Inc. EQIX up 0.9%
• The Cigna Group CI down 6%
• Howmet Aerospace Inc. HWM down 9.5%
• Air Products and Chemicals, Inc. APD down 0.6%
• Quanta Services, Inc. PWR down 2.6%
• Allstate Corp. ALL up 6.7%
• Public Storage PSA down 4.8%
• Exelon Corporation EXC up 1.1%
• Ford Motor Company F up 2.5%
• AMETEK, Inc. AME up 5.9%
• eBay Inc. EBAY up 18.6%
• Xcel Energy Inc. XEL up 1.5%
• Prudential Financial, Inc. PRU up 3%
• Cognizant Technology Solutions Corporation CTSH up 0.1%
• Vulcan Materials Company VMC down 0.7%
• VICI Properties Inc. VICI up 1.5%
• Xylem Inc. XYL up 9.3%
• Fair Isaac Corporation FICO down 11.1%
• DexCom, Inc. DXCM down 6.7%
• Willis Towers Watson Public Limited Company WTW up 5.0%
• Blue Owl Capital Inc. OWL down 0.7%
• PG&E Corporation PCG down 0.8%
• Ventas, Inc. VTR up 1.1%
• Extra Space Storage Inc. EXR down 8.1%
• Kellanova K up 0.1%
• Albemarle Corp. ALB down 0.6%
• American Water Works Company, Inc. AWK up 1.0%
• AvalonBay Communities, Inc. AVB down 2.9%
• Western Digital Corporation WDC up 8.7%
• PPL Corporation PPL down 0.7%
• PTC Inc. PTC up 7.6%
• International Paper Company IP down 8.9%
• Tyler Technologies, Inc. TYL up 4.9%
• FirstEnergy Corp. FE up 1.5%
• Invitation Homes Inc. INVH down 0.7%
• Biogen Inc. BIIB up 1.8%
• GFL Environmental Inc. GFL up 5.6%
• F5, Inc. FFIV up 6.8%
• Mid-America Apartment Communities, Inc. MAA down 2.0%
• Aptiv PLC APTV up 4.2%
• Sprouts Farmers Market, Inc. SFM down 3.4%
• Hologic, Inc. HOLX up 2.6%
• Kimco Realty Corporation KIM down 0.9%
• Everest Group, Ltd. EG up 2.0%
• Masco Corporation MAS up 3.9%
• XPO, Inc. XPO down 8.9%
• UDR, Inc. UDR flat at -0.0%
• C.H. Robinson Worldwide, Inc. CHRW up 17.1%
• Builders FirstSource, Inc. BLDR down 2.8%
• Baxter International Inc. BAX down 19.1%
• Norwegian Cruise Line Holdings Ltd. NCLH up 8.9%
• Host Hotels & Resorts, Inc. HST down 1.5%
• Huntington Ingalls Industries, Inc. HII up 9.9%
• Antero Resources Corporation AR up 2.7%
• MGM Resorts International MGM down 4.1%

Stocks slated to report earnings after the close include: Apple Inc. AAPL, Amazon.com, Inc. AMZN, MercadoLibre, Inc. MELI, Stryker Corp SYK, KLA Corp KLAC, First Solar, Inc. FSLR, Roper Technologies, Inc. ROP, Monolithic Power Systems, Inc. MPWR, Ingersoll Rand Inc. IR, Eastman Chemical Company EMN, LPL Financial Holdings Inc. LPLA, AES Corporation AES, Vale S.A. VALE, The Clorox Company CLX, Coinbase Global, Inc. COIN, Roku, Inc. ROKU, Mettler-Toledo International Inc. MTD, Edison International EIX, ResMed Inc. RMD, Arthur J. Gallagher & Co. AJG, Ameren Corporation AEE, Essential Utilities, Inc. WTRG, Camden Property Trust CPT, Healthpeak Properties, Inc. DOC, Huntsman Corporation HUN, Northern Oil and Gas, Inc. NOG, Park Hotels & Resorts Inc. PK, Procore Technologies, Inc. PCOR, Rogers Corporation ROG, Ryan Specialty Holdings, Inc. RYAN, and Essex Property Trust, Inc. ESS.

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