US equities stall as early enthusiasm ebbs; Amazon, Apple earnings due
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U.S. stocks closed lower on Thursday as early gains faded, following the latest round of corporate earnings and economic data, as investors awaited results from megacaps Amazon and Apple due after the closing bell. Microsoft shares rose 3.5% after it posted a strong earnings report and briefly surpassed the $4 trillion market cap threshold, becoming only the second publicly traded company to ever touch the milestone after Nvidia. Meta Platforms surged 11.3% to close at a record high of $773.44 as AI-driven growth in its core ad business powered a bullish revenue forecast. Still, other AI-related names were weaker on the session. Names such as chipmakers Broadcom, which lost 2.9%, and Nvidia, off 0.8%, weighed on the PHLX semiconductor index . The chip index dropped 3.1% for its biggest daily percentage decline since April 16. "Looking at the market action today, you have haves and have-nots, and so you have a couple tech companies,...