The S&P 500 increased by 1.7%, recovering from a previous drop that was its worst in seven weeks. The Dow Jones Industrial Average rose 613 points (1.2%), while the Nasdaq composite, which has many artificial-intelligence stocks, gained 2.8% after falling significantly the day before.
In the oil market, Brent crude prices dropped 1.4%, settling at $86.88 per barrel. These prices fluctuated between $72 and $102 earlier this month amid uncertainties regarding U.S.-Iran relations that affect oil transport from the Middle East.
Reports indicated that U.S. economic growth slowed more than expected in the spring, with inflation remaining above the Federal Reserve's target but showing some slowdown from May. Microsoft’s shares surged 15.5%, its best increase in nearly 18 years, due to strong Azure cloud growth and AI adoption. In contrast, Meta’s stock fell 8% after reporting weak profits and increasing its AI investment forecast.
In Europe and Asia, indexes showed mixed results, while longer-term Treasury yields stabilized after significant increases. The yield on the 10-year Treasury was 4.67%, and the 30-year Treasury yield rose to 5.22%.