Salesforce, Meta Platforms Outshine Declining US Market
Despite a decline in major US indexes over the past four weeks, shares of Salesforce, Meta Platforms, and Micron rose significantly. From August 13 through September 9, the Dow Jones index fell by 2.7%, while the S&P 500 declined by 2.1%. The Nasdaq also lost 2.1% during this period.
On September 10, US oil prices surged above $100 per barrel amid uncertainty related to the war in Iran. The yield on 10-year US Treasury bonds climbed above 4.9%, reaching its highest level since November 2023. However, this did not deter the growth of certain tech stocks.
Salesforce led the pack with a gain of 21.3%. The company reported revenue that exceeded expectations and provided positive guidance. CEO Marc Benioff stated that nine out of ten leading artificial intelligence companies use Salesforce products, and their spending rose by 435% year over year.
Meta Platforms shares rose 9.9%, thanks in part to an $18 billion settlement with state attorneys general regarding claims that social platforms harm young users. The release of Muse Spark 1.3 also received favorable reviews for its capabilities and cost.