Zheng Quan Shi Bao·2025-07-31 22:19Group 1: Market Performance - US stock market witnessed significant gains, with major indices like Nasdaq and S&P 500 reaching all-time highs, driven by strong earnings reports from tech giants [1][2] - Meta's stock surged over 12%, reaching a historical high, with a market cap increase of $204.4 billion (approximately ¥1.47 trillion) [3] - Microsoft's stock rose over 8%, also hitting a historical high, with a market cap surpassing $4 trillion; its Q4 FY2025 revenue reached $76.44 billion, up 18% year-over-year [3] Group 2: Earnings Reports - Meta reported Q2 revenue of $47.52 billion, a 22% year-over-year increase, and net profit of $18.34 billion, up 36% year-over-year, exceeding market expectations [3] - Microsoft's Q4 FY2025 net profit was $27.2 billion, a 24% increase year-over-year, with earnings per share at $3.65, compared to $2.95 in the same period last year [3] - Roblox's stock jumped over 20% after raising its full-year revenue guidance to between $4.39 billion and $4.49 billion, up from a previous estimate of $4.29 billion to $4.37 billion [3] Group 3: Market Reactions to Earnings - Companies that reported disappointing earnings faced significant sell-offs, with Arm's stock dropping over 14% due to a 42% decline in net profit for Q1 [4] - Qualcomm's stock fell nearly 5% after its Q3 adjusted revenue fell short of expectations [4] Group 4: Economic Indicators - The core PCE price index rose 2.8% year-over-year in June, above expectations, marking the highest level since February [5][10] - Consumer spending showed signs of fatigue, with real consumer spending growing only 0.1% in June, failing to reverse the previous month's decline [9] - The labor market remains stable, but there are concerns about inflation and consumer income growth, leading to mixed signals for Federal Reserve policy [10]