US stock market: Nasdaq rallies as earnings season boost offsets economy worries

The Nasdaq led gains on Wall Street on Thursday, buoyed by Facebook parent Meta Platforms posting quarterly results that beat revenue forecasts. The social media giant also claimed artificial intelligence was helping to drive traffic to its services and lift ad sales. The S&P 500 communication services index saw its biggest daily percentage gain since February 2022 of 5.5%. Alphabet’s upbeat results, Eli Lilly’s raised full-year profit forecast and Comcast’s impressive financial results lifted the index. However, economic data for the first quarter revealed US growth slowing more than analysts had anticipated, with deceleration expected to continue.

Generated by Feedzy