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Stocks Close at Record as Alphabet Fuels AI Hopes | Closing Bell
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July 24, 2025
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9:35Now PlayingStocks closed at all-time highs as Alphabet Inc.’s results showed solid demand for artificial intelligence, bolstering confidence in the technology that has powered the bull market. Signs of jobs strength ahead of next week’s Federal Reserve decision lifted Treasury yields.
Following a 28% surge from its April lows, the S&P 500 eked out a gain while notching its 10th record in 19 trading days. Google’s parent AI optimism fueled a rally in companies like Nvidia Corp., which hit a fresh peak. Tesla Inc. sank 8.2% as Elon Musk warned of difficult times ahead. In late hours, Intel Corp. gave an upbeat sales forecast as personal-computer demand picked up.
The S&P 500’s record-setting spree may be stoking concerns about inflated share prices and a revival of meme-stock froth, but JPMorgan Chase & Co.’s trading desk isn’t concerned. Rather, it expects the rally in US equities to keep going.
Bonds dropped for a second day, with 10-year yields rising three basis points to 4.41%. Traders slightly pared bets on US rate cuts, projecting less than two reductions this year.
Donald Trump and Federal Reserve Chairman Jerome Powell traded barbs over the central bank’s renovation project during a tour of the construction site, with the US president also using their interaction to again push for lower interest rates.
US jobless claims fell for a sixth straight week - the longest stretch of declines since 2022. The characterization of the labor market will be a key feature of next week’s Fed meeting.
Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.
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