The U.S. stock market in New York started strong on the back of solid performances from Microsoft (MS) and Meta Platforms.
At 10:30 a.m. on the 1st (Eastern Daylight Time) on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average was trading at 40,952.73, up 283.37 points (0.70%) from the previous close. The Standard & Poor's (S&P) 500 Index rose 64.79 points (1.16%) to 5,633.85, while the Nasdaq Composite was up 354.77 points (2.03%) to 17,801.11.
The strong performances from MS and Meta acted as the cause of the market's favorable trend. MS reported a first-quarter revenue of $70.07 billion and earnings per share (EPS) of $3.46 in its announcement after market close the previous day. Both figures surpassed market expectations.
Meta also announced a first-quarter revenue of $42.31 billion and EPS of $6.43 at the same time the previous day. Likewise, these figures exceeded market forecasts.
Both companies surged after hours trading the previous day and continued to maintain strong performance after today's opening. MS is up 9.24%, while Meta has gained 5.24%.
In particular, MS has recorded significant achievements in the AI field, which has also led to a concurrent rise in the stock prices of other big tech companies. Nvidia is up 4%, while Amazon and Broadcom have also increased by more than 2% and 3%, respectively.
However, Apple, which is set to announce its earnings today, is currently trading with slight declines. It is believed that Apple's stock price is being affected by the strong impact of U.S.-China trade tensions among major big tech companies.