Topline<\/p>\n
The S&P 500 set a new all-time high Thursday as dozens of companies listed under the index have surpassed Wall Street\u2019s expectations in earnings reports released this week, while jobless claims for the previous week and retail sales last month were better than expected. <\/p>\n
Dozens of companies listed under the index have surpassed analyst expectations through a series of … More earnings reports this week.<\/p>\n
AFP via Getty ImagesKey Facts<\/p>\n
The S&P rose 0.6% to 6,304.69 at about 3 p.m. EDT, surpassing an intraday record of 6,302.04 set Tuesday and pacing the index\u2019s closing record of just over 6,280.<\/p>\n
Several stocks fueled its record-setting day, including PepsiCo (up 7.6%), United Airlines (4.8%), Nvidia (1.2%) and Microsoft (1.2%).<\/p>\n
As of Thursday afternoon, about 50 companies listed under the S&P have reported quarterly earnings for Q2, including PepsiCo and United Airlines, and 88% of those firms have surpassed projections, according to FactSet.<\/p>\n
The Labor Department on Thursday reported<\/a> 221,000 jobless claims for the week ending July 12, a decrease of 7,000 from the previous week, while the Census Bureau said<\/a> retail sales jumped 0.6% in June, above a 0.2% estimate.<\/p>\n What To Watch For<\/p>\n Netflix, which in April reported record-setting quarterly earnings, will release second-quarter earnings after trading closes Thursday. The company is expected to announce $11.07 billion in revenue and earnings per share of $7.08, according to FactSet.<\/p>\n Key Background<\/p>\n The S&P has risen to new heights in recent months, as AI-backed stocks have propelled the index and Nasdaq. Among the companies lifting up the S&P is Nvidia<\/a>, which hit a new record-high share price earlier this week, pushing the company further as the world\u2019s most-valuable firm with a market cap above $4.2 trillion as of Thursday. Broader U.S. markets have remained steady after inflation rose 2.7% in June, slightly ahead of analyst forecasts of 2.6%, as President Donald Trump\u2019s tariffs appear to be raising consumer prices. Investor optimism also coincides with mounting pressure by Trump and other Trump administration officials to oust Fed Chair Jerome Powell, though Trump has denied<\/a> having plans to remove him.<\/p>\n