Microsoft Lights Up Wall St. as Rate Cut Hopes Boost
July 19, 2019 | Friday
On Friday, the strong results of the cloud business of Microsoft caused the U.S. stock futures to edge higher. Also, it fed into a bullish mood after hints from Ney York Fed President John Williams about an interest rate cut by the U.S. central bank this month.
Aside from that, Microsoft recently became the most valuable company in America. Then, it rose 3.5% premarket following analysts' estimates by the end of the week of mixed corporate results in the U.S. and Europe.
In addition to that, Williams said that the Fed couldn't watch for economic disaster to unravel on Thursday afternoon were behind the latest session's positive close. Also, they supported push a raft of market moves on Friday.
Meanwhile, Dow e-minis increased by 36 points or 0.13%. Then, S&P 500 e-minis were up 1 point or 0.03%. And Nasdaq 100 e-minis surged 9.5 points or 0.12%.
This week, the main indexes abate from their all-time high hits. At the same time, few of the first batches of the second-quarter earnings releases pointed to a slowdown in growth due to the continual U.S.-China trade talks.
Other Stocks Also, Boeing Co climbed 1.7% following an announcement that it would cost a $4.9 billion after-tax hit in the second quarter on estimated disruptions from the grounding if its 737 MAX passenger sets.
According to Morgan Stanley analyst Rajeev Lalwani, it might be a hint that investors were confident with the size of the charge. Also, Boeing's production plans before its results next week.
Elsewhere, shares of Schlumberger, the largest oilfield services provider, were up by 1%. Also, it declared better-than-expected revenue numbers. And it appointed company insider Olivier Le Peuch to be the new Chief Executive Officer.
Also, American Express rose 1.2% before its release of results.
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