美股高开低走，微软、Meta大涨

Core Viewpoint - The U.S. stock market experienced a decline despite strong earnings reports from major tech companies like Microsoft and Meta, indicating a mixed market sentiment [1][2]. Market Performance - On July 31, the Dow Jones Industrial Average fell by 330.30 points (0.74%) to 44,130.98, the S&P 500 dropped by 23.51 points (0.37%) to 6,339.39, marking its third consecutive day of decline, while the Nasdaq Composite decreased by 7.23 points (0.03%) to 21,122.45 [1]. - In July, the S&P 500 rose by 2.17%, the Nasdaq increased by 3.70%, and the Dow saw a slight increase of 0.08%, with the S&P 500 and Dow recording their third consecutive month of gains [2]. Sector Performance - Most sectors in the S&P 500 closed lower, with the healthcare sector leading the decline at 2.9%, followed by real estate at 1.7%, and other sectors such as materials, financials, energy, consumer discretionary, and technology all falling over 1% [3]. Notable Stock Movements - Among popular Chinese stocks, Qudian rose approximately 9%, NIO increased by 8%, and Pinduoduo's ADR saw a slight uptick, with the Nasdaq Golden Dragon China Index rising by 0.5% and accumulating a 1.1% increase in July [4]. - Major tech stocks showed mixed results, with Tesla down 3.38%, Google A down 2.36%, Nvidia down 0.78%, Apple down 0.71%, while Amazon rose by 1.70% [5]. Earnings Reports - Microsoft shares increased by 3.9% after reporting Q4 revenue of $76.44 billion, exceeding market expectations of $73.89 billion, with intelligent cloud revenue at $29.88 billion, also above expectations. Azure's business grew by 39% year-over-year, leading Microsoft to join the "four trillion dollar club" [6][7]. - Meta's stock surged by 11.2% as the company projected Q3 revenue between $47.5 billion and $50.5 billion, significantly above analyst estimates of $46.2 billion, indicating a recovery in generative AI advertising [8]. - Apple reported Q3 revenue of $94.04 billion, a 10% year-over-year increase, surpassing expectations of $89.53 billion, with iPhone revenue at $44.58 billion and Mac revenue at $8.05 billion, both exceeding forecasts [8]. - Amazon's Q2 revenue reached $167.7 billion, a 13% year-over-year increase, significantly above the expected $162.09 billion, with an EPS of $1.68, far exceeding the anticipated $1.33. However, its Q3 operating profit forecast was slightly below analyst expectations [8]. Economic Indicators - The U.S. core Personal Consumption Expenditures (PCE) price index rose by 2.8% year-over-year in June, above the expected 2.7%, while overall PCE increased to 2.6%, marking the second consecutive month of growth [9]. - Labor costs increased by 0.9% month-over-month, and initial jobless claims were reported at 218,000, slightly below expectations [9]. - Market focus is shifting towards the upcoming July non-farm payroll report and tariff negotiations, with comments from President Trump indicating no extension for "lagging" trade partners [10].