2026.04.3015:55:38UTC+00Dow Gains and Nasdaq 100 Lags on Tech Earnings

US equities were mixed on Thursday as earnings produced sharply divergent moves across sectors. The Nasdaq 100 and S&P 500 were little changed, pausing a rally that had recently driven both to record highs. Mega-cap tech underperformed: Meta fell 10% and Microsoft dropped 5% as investors questioned whether their surging AI-related capital expenditures will ultimately be matched by demand, despite solid Q1 profit results. Amazon slipped 2% after its earnings release, while Nvidia declined 4% amid renewed scrutiny of AI investment valuations.

Tech weakness was partly offset by standout gains elsewhere in the sector, with Alphabet jumping 8% on robust enterprise AI client wins and Qualcomm rallying 20%. At the same time, renewed strength in more traditional parts of the economy helped lift the Dow Jones Industrial Average by 600 points. Eli Lilly surged 9% after reporting strong results driven by its weight-loss drugs, and Caterpillar advanced 11% on better‑than‑expected earnings.

On the macro front, a fresh data batch supported the more hawkish voices at the Federal Reserve. US GDP grew at a 2% pace, core PCE inflation accelerated, and initial jobless claims fell to a 50‑year low—all reinforcing the case for a cautious stance on rate cuts.