US stock indices climbed during Thursday’s trading session following the release of key economic data and a rally in the tech sector driven by Microsoft’s earnings.
Government data showed that the core Personal Consumption Expenditures (PCE) price index — the Federal Reserve’s preferred inflation gauge — held steady at 2.8% year-on-year in June.
Another report revealed that the US Employment Cost Index rose by 0.9% in the second quarter, surpassing expectations of a 0.8% increase.
Meanwhile, initial jobless claims in the US rose by just 1,000 to 218,000 in the week ending July 26, up from the previous week’s unrevised reading of 217,000. Analysts had expected claims to rise to 222,000.
The Nasdaq and S&P 500 both hit new record highs after Microsoft and Meta Platforms reported strong revenue and earnings for the second quarter of 2025.
As of 16:24 GMT, the Dow Jones Industrial Average had fallen by 0.3% (156 points) to 44,305, while the broader S&P 500 rose by 0.2% (11 points) to 6,374, and the Nasdaq Composite climbed 0.5% (109 points) to 21,239.
