Stock markets swung higher on Thursday on strong tech company earnings that underlined the profit-boosting possibility of artificial intelligence, even as the underlying economic news remained mixed.
They are two of the so-called Magnificent Seven tech stocks that have been driving equity markets higher for much of the post-pandemic period.
Tech companies’ expansion plans mark a show of confidence in the economy despite the uncertainty of U.S.’ tariff policy, Jeff Buchbinder, chief equity strategist for LPL Financial, told Fortune earlier this week.
“The headlines have been getting better, but we haven’t seen anything meaningful and tangible yet, so the market seems to be taking a leap of faith that we’re going to get some attractive trade deals with some trading partners fairly soon,” he said.
Investors now look to Friday morning’s employment situation report from the Labor Department, which contains data gathered in mid-April, to pain a clearer picture of the post-tariff economy.
