Stock Market Today: Dow rallies to notch third-weekly win as tech reigns supreme

Investing.com — The Dow closed higher Friday, notching a third weekly win as investors piled into big tech and chip stocks following a fall in Treasury yields as further signs of slowing inflation stoked fresh hopes that the Federal Reserve likely delivered its final rate earlier this week.

The rose 0.5%, or 176 points, was up 1.9%, and the  rose 1%.

Big Tech Rallies as Yields Slip on Hopes Fed Hikes in Rear View Mirror

Big tech including Apple Inc (NASDAQ:), Meta Platforms Inc (NASDAQ:), Alphabet Inc Class A (NASDAQ:), and Microsoft Corporation (NASDAQ:) racked up gains as Treasury yields slipped after the closely watched Fed inflation measure slowed more than expected.

The slowed to a 0.2% pace in June from 0.1% a month earlier, taking the annual pace to 3% for the month, markedly slower than the 3.8% in prior month.

“The slowing trends in inflation and wages, and the slowdown in spending we expect, support our expectation that this week’s rate hike was the last,” Morgan Stanley.

The 2-year Treasury yield and slipped as bets on Fed pause strengthened.

Intel Leads Chips Higher Following Unexpected Quarterly Profit

An Intel Corporation (NASDAQ:)-led rally in chip stocks also pushed broader tech higher as the chipmaker reported upbeat guidance and second-quarter surprise profit following better-than-expected .

Intel’s ongoing improvement in margins is expected to continue into 4Q, Deutsche Bank says, as a “wide array of headwinds abating tailwinds emerging” including revenue scale, cost cuts, and the selling PRQ’s products, which refers to early product stock of upcoming launches.

Qualcomm Incorporated (NASDAQ:), ON Semiconductor Corporation (NASDAQ:), and KLA Corporation (NASDAQ:) were also among the biggest chip gainers on the day, with the latter up more than 6% following better-than-expected quarterly results.  

Earnings Stage Highlights: Ford EV Push Stutters, Red-Hot Roku , Procter & Gamble Shines

Ford Motor Company (NYSE:) fell more than 3% after the automaker warned of a $4.5 billion in its electric vehicle business as take up of its EVs had been slower than expected. The dour EV commentary offset quarterly results that Wall Street estimates on both the top and bottom lines.

Ford pushed out its target to reach a 600,000-unit EV production run rate to 2024 from end of of 2023 previously.

Roku (NASDAQ:) rallied 31% after the streaming media device platform reported that were expected and guidance that some on Wall Street deemed conservative.

Roku’s third-quarter guidance for adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of negative $50 million and revenue of $815 million “appears to us to be as conservative as Q2 was,” Wedbush said in a note.

Consumer products giant Procter & Gamble (NYSE:), a major dow component, reported better-than-expected second-quarter , sending its shares nearly 3% higher.