S&P 500 Reaches New Highs Amid Strong Earnings and Weak Job Growth

The S&P 500 index and Dow Jones Industrial Average posted new all-time highs today, with the Nasdaq 100 reaching a one-month high. The strong earnings of several companies contributed to the gains in stock indices.

Booking Holdings reported better-than-expected Q2 gross bookings, causing its shares to rise by more than 7%. Amgen also saw an increase of over 5% after reporting stronger-than-expected Q2 EPS. However, SpaceX's shares fell by more than 10% due to the company's projection of higher-than-expected spending on its AI business.

The US July ADP employment change rose by 44,000, which was weaker than expectations. Kansas City Fed President Jeff Schmid stated that tighter monetary policy would be necessary to reduce inflation, which weighed on Treasury note prices.