Magnificent 7’s best week since January 2023 powers US stocks higher
Megacap tech carried US stocks higher on Friday, as they did for the week as a whole. Markets had a midday jitter after President Donald Trump reiterated that he won’t unilaterally drop tariffs on China, but then shrugged off his mixed messages to finish at or near their highs of the day.
The S&P 500 rose 0.7%, the Nasdaq 100 gained 1.1%, and the Russell 2000 brought up the rear, going flat.
The Magnificent 7 Index and Nasdaq 100 are now less than 1.5% shy of levels seen before the Rose Garden tariff announcements. The Mag 7 cohort had its best week since January 2023, rising 9.1%.
Alphabet shares ticked higher after the Google parent topped Q1 earnings estimates and highlighted strong engagement for its new AI-powered features. Tesla jumped nearly 10% after US transportation officials rolled out a national framework to fast-track government use of self-driving cars.
Meanwhile, more earnings continued to roll out:
Charter led S&P 500 performers after the broadband and pay-TV provider lost fewer subscribers than expected in Q1 and topped revenue estimates.
Pure-play wireless provider T-Mobile slid more than 7% after the company missed its Q1 subscriber growth targets, despite dropping a solid earnings beat and raising its full-year forecast.
AbbVie climbed higher after the pharma giant raised its 2025 profit outlook and posted a Q1 sales beat, though demand for its popular Botox and Juvederm face-filler treatments came in below estimates.
Colgate-Palmolive shares slipped after the consumer staples behemoth trimmed its full-year forecast and warned tariffs could add $200 million to costs in 2024.
Meanwhile, Intel continued to slide after the chipmaker warned it wouldn’t deliver earnings per share in Q2, and projected sales of $11.2 billion to $12.4 billion, also missing estimates.
