Key points:

• S&P 500 and the big milestone
• Big tech reporting under way
• Gold? Don’t even mention it.

Markets are enthusiastic about the slew of earnings reports from big tech. And, by the looks of it, rightfully so.

🚀 7,000: The Big, Round Flex

• The S&P 500 tagged 7,000 for the first time on Wednesday as traders shrugged off recent Greenland-induced jitters and went back to doing what markets love most: buying growth when earnings deliver.
• The index touched an intraday record near 7,002 before cooling off later in the session. Even so, crossing the hurdle marks another chapter in a three-year streak of double-digit annual gains for US equities.
• Translation for newer traders: round numbers attract headlines, flows, and profit-taking. Breaking them still signals confidence, even if the close does not stick the landing on day one.

💻 Earnings Rush Hour Is Back

• Attention snapped back to big tech as Microsoft, Meta, and Tesla reported after the bell, with Apple queued up next. Strong revenue trends helped justify lofty valuations that had traders sweating only days ago.
• Microsoft and Meta both printed record quarterly revenue despite heavy AI spending. Meta popped after hours, Microsoft slipped, and Tesla rose even after reporting its first annual revenue decline.
• This is classic earnings-season math: markets reward results that confirm long-term narratives, even if near-term margins wobble

🏦 Fed Steady, Gold Goes Wild

• The Federal Reserve held rates steady, as expected, with Chair Jay Powell signaling patience on future cuts. That capped some equity upside but failed to derail risk appetite in a market already focused on earnings momentum.
• Gold stole the macro spotlight, ripping more than $240 higher on Wednesday and adding another $150 early Thursday to cross $5,600. Safe-haven flows stayed aggressive despite equities flirting with records.
• What’s the big context here? This market can hold two thoughts at once. Stocks buy earnings strength, gold buys uncertainty. When both rise together, liquidity is doing the heavy lifting.

Source: Tradingview