Airbnb beats Q2 estimates and Q3 outlook expectations, Fed's Mary Daly says time to cut rates

Market Performance - Dow Jones Industrial Average closed almost 100 points higher [2] - S&P 500 benchmark index rose 0.7% [2] - Nasdaq Composite was up 1.2% [2] - S&P 500 equal weight underperformed, in negative territory, indicating a narrow large-cap tech rally [3] - Russell 2000 rally paused, roughly flat, but still up over 2% and 1.5% on the week [3] - VIX (volatility index) had been calmer this week, stayed below 20 [5] - Bitcoin exchanging hands at about 115,000 bucks a coin [6] Company Performance - Apple up over 5%, a key driver of the market action [6][7] - Amazon closing up 4%, reversing a few days of downside action since earnings [7] - Tesla also catching a 3.5% bid [7] - Lyft's Q2 revenue was 1.59 billion, falling short of the street's expectation of 1.61 billion, and the stock was down more than 6% [34][35] - DoorDash's adjusted earnings came in 20 cents higher at 65 cents versus the streets expectations for 45 cents, and the stock is up more than 6% in after hours trading [27][28] - Airbnb's Q2 revenue was 3.10 billion versus expectation of 3.03 billion, and the stock was basically flat [37] Economic Factors - S&P 500 constituents have reported about a earnings per share growth year-over-year basis on 11.2% [11] - Companies that missed on revenue or earnings per share have been annihilated on average by about 8% trading down on the next day after the earnings release [13] - Optimism around the one big beautiful bill, with about 100 of 376 companies saying they're going to see a pretty big benefit from the expense nature of capex moving forward [17] - The capex of Microsoft, Amazon, and Oracle is close to $364 billion on a year-over-year basis [19] - San Francisco Federal Reserve President Mary Daly said the Fed will likely need to lower rates in the coming months [55]