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Stocks on Wall Street End July on Solid Footing
Stocks on Wall Street are on pace to end July on solid footing as a recent batch of upbeat economic data and robust corporate earnings have boosted investor confidence. Despite concerns about inflation and the Delta variant, the U.S. economy has shown resilience, and expectations of a nearing peak in the Federal Reserve's monetary policy have also contributed to the positive sentiment.
The market's performance in July has been driven by strong earnings reports from companies across various sectors. Meta Platforms (NASDAQ:META) recently unveiled impressive earnings for the second quarter of 2023, indicating a bright future for the company's operations. Additionally, U.S. chipmaker Intel's return to growth has bolstered investor optimism, leading to a rise in stock futures.
The Dow closed higher on Friday, marking a third weekly win as investors piled into big tech and chip stocks. This surge in investor interest has been fueled by a fall in bond yields, making technology and growth stocks more attractive. Furthermore, crude oil prices weakened but remained on course for a fifth straight week of gains, reflecting growing optimism for global economic recovery.
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Popular: Intel's Surprising Profit Boosts Investor Sentiment
Intel (NASDAQ:INTC) stock surged more than 7% in pre-market trading on Friday after the company reported strong Q2 results and offered a positive outlook. The better-than-expected earnings and revenue growth have reassured investors about the company's ability to navigate the current market challenges successfully.
This positive news from Intel has contributed to a boost in U.S. futures, indicating a positive start to the trading session. Investors are eagerly awaiting the release of the Federal Reserve's preferred economic indicator, which will provide further insights into the state of the economy and potential future monetary policy actions.
