第一财经·2025-07-30 23:52Core Viewpoint - The article discusses the mixed performance of the US stock market, influenced by better-than-expected GDP growth and the Federal Reserve's interest rate decision, while highlighting the strong earnings reports from major tech companies like Meta and Microsoft [1][3]. Economic Overview - The US GDP for Q2 grew by 3%, surpassing the market expectation of 2.4%, rebounding from a 0.5% decline in Q1 [3]. - The growth was primarily driven by a reduction in imports, with domestic demand showing only a slight increase [3]. - The Federal Reserve decided to maintain the federal funds rate, with Chairman Powell indicating uncertainty regarding potential rate cuts in September [3][4]. Company Earnings - Meta Platforms: - Reported Q2 revenue of $47.52 billion, exceeding the market expectation of $44.83 billion [6]. - Advertising revenue was $46.5 billion, above the forecast of $44.07 billion [6]. - The Reality Labs division reported a loss of $4.5 billion, better than the anticipated loss of $4.8 billion [6]. - EPS was $7.14, significantly higher than the expected $5.89 [6]. - Q3 revenue is projected between $47.5 billion and $50.5 billion, with full-year spending expected to be between $66 billion and $72 billion [7][8]. - CEO Zuckerberg emphasized the stability of the advertising business to support AI market expansion [9]. - Microsoft: - Reported Q2 revenue of $76.44 billion, a year-over-year increase of 18%, surpassing the expected $73.89 billion [10]. - EPS was $3.65, up 24% from the previous year, exceeding the forecast of $3.37 [10]. - The commercial cloud business generated $46.7 billion, a 27% increase, while the intelligent cloud segment brought in $29.9 billion, growing 26% [10]. - Capital expenditures rose by 27% to $24.2 billion, crucial for meeting the rising demand for AI [10]. Market Reactions - Following the earnings reports, Meta's stock surged over 11% in after-hours trading, while Microsoft's stock rose more than 7% [9][10]. - The market's expectations for a rate cut in September fluctuated, initially rising to about 68% but dropping below 50% after Powell's comments [4]. Sector Performance - The tech sector showed mixed results, with notable movements in stocks like Nvidia (+2.1%), Google (+0.4%), and declines in Amazon (-0.35%), Tesla (-0.6%), and Apple (-1.0%) [12]. - The Nasdaq China Golden Dragon Index fell by 1.8%, with significant drops in stocks like Vipshop and Pinduoduo [13]. Commodity Prices - International oil prices increased, with WTI crude rising by 1.14% to $70 per barrel and Brent crude up by 1.01% to $73.24 per barrel [14]. - Gold prices fell below $3,300 per ounce, with futures dropping by 0.85% [15].