US stocks rallied further Thursday as better-than-expected profits for US companies piled up, though CEOs say they're unsure whether it will last because of uncertainty created by President Trump's trade war.
- The S&P 500 rose 108.91 points, or 2%, to 5,484.77 for its third straight day of big gains.
- The Dow Jones Industrial Average rose 486.83 points, or 1.2%, to 40,093.40.
- The Nasdaq composite rose 457.99 points, or 2.7%, to 17,166.04.
ServiceNow surged after the AI platform company delivered a stronger profit for the start of 2025 than expected, the
AP reports. The company, whose AI agents help clients manage their customers, saw its stock jump 15.3% after it also gave a forecasted range for upcoming subscription revenue that was above what some analysts expected.
Southwest Airlines likewise reported stronger results for the first three months of the year than analysts expected. It rose 3.7%, but its stock flipped between gains and losses through the morning after it became the latest US carrier to say the outlook for the economy looks so cloudy that it's pulling some of its financial forecasts for the year. CEO Bob Jordan said the company is "controlling what we can control," and it's cutting how much flying it will do in the second half of the year. Rival American Airlines, meanwhile, pulled its financial forecasts for the full year and said it plans to provide an update when "the economic outlook becomes clearer." Its stock rose 3.1% after beating profit expectations for the latest quarter.
Toy company Hasbro was a winner and jumped 14.6% after reporting stronger profit and revenue for the latest quarter than analysts expected. It cited strong growth for its "Magic: The Gathering" game, among other products. Texas Instruments rallied 6.6% after the semiconductor company likewise reported a stronger profit than expected.
- They helped offset a 3.6% drop for Procter & Gamble, which fell even though the company behind Olay, Tide, and Pampers reported stronger results for the latest quarter than expected. Its revenue came in below expectations, and it also cut its forecast for profit growth this fiscal year. At PepsiCo, CEO Ramon Laguarta said his company expects "more volatility and uncertainty" and that "consumer conditions in many markets remain subdued and similarly have an uncertain outlook." His company's stock fell 4.9% after it cut its forecast for an underlying measure of profit over 2025, citing increased costs from tariffs and subdued conditions for customers.
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