Apple Drives Tech Rally as Nasdaq Hits All-Time High, Major Indexes Enjoy Strong Weekly Gains

Top S&P 500 Movers on Friday

25 minutes ago

Gainers

• Gilead Sciences (GILD) experienced the highest increase in the S&P 500 on Friday, soaring 8.3% following the biopharmaceutical company’s announcement of better-than-expected revenue and adjusted earnings for the second quarter. A surge in sales for Descovy, Gilead’s HIV treatment used as pre-exposure prophylaxis, contributed significantly to revenue growth.
• Gen Digital (GEN), a cybersecurity firm, exceeded quarterly expectations for both sales and profit, while also elevating its full-year forecasts. The company saw an increase in demand for its AI-powered security solutions in response to a rise in AI-related scams, resulting in a share jump of 7.7%.
• Monster Beverage (MNST) surpassed analysts’ expectations on both revenue and earnings, leading to a 6.4% increase in its stock. Analysts attributed this rise to the expanding energy drink market and innovations in sugar-free offerings.
• Apple (AAPL) shares rose over 4%, marking the third consecutive day of gains after CEO Tim Cook announced a $100 billion investment in U.S. production alongside President Trump, who indicated that Apple would be exempt from new chip tariffs.

Losers

• The Trade Desk (TTD) saw a dramatic drop of 38.6%, the steepest decline in the S&P 500 on Friday. Although the company reported an 18.7% year-over-year revenue growth, it fell short of earnings expectations and attributed the decline to clients limiting ad spending due to tariff concerns.
• GoDaddy (GDDY) announced better-than-expected second-quarter results but dropped 11.3% after revealing plans to discontinue its services for the .CO domain by late 2025, which could impact future revenues.
• Warner Bros Discovery (WBD) stock closed down 8% after releasing quarterly results revealing robust growth in its studio division but a decline in revenue from global linear networks, highlighting challenges in the TV sector.

–Michael Bromberg

SoundHound Stock Surges 26% Following Revenue Surge

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SoundHound AI (SOUN) shares jumped significantly after reporting record revenue and lifting its outlook amid an increase in customer base, particularly in China. For Q2, revenue skyrocketed by 217% year-over-year to $42.68 million, surpassing analyst expectations by $10 million. The company’s losses narrowed to $0.03 per share, beating market estimates as well.

Co-founder and CEO Keyvan Mohajer noted this was SoundHound AI’s “strongest ever quarter,” attributing success to strategic initiatives and growth across various business units. The automotive segment also secured a major win in China for integrating their voice assistant.

SoundHound AI has raised its annual revenue forecast to between $160 million and $178 million, up from the earlier estimate of $157 million to $177 million. The stock gained 26%, reaching its highest point since February, although it has still lost approximately one-third of its value this year.

–Bill McColl

Tariff Uncertainty Creates Gold Market Volatility

1 hr 12 minutes ago

The gold market faced significant fluctuations due to on-again-off-again tariffs imposed on Swiss bullion. Reports indicated that the U.S. has placed duties on gold bars from Switzerland, as indicated by a letter from the U.S. Customs and Border Protection dated July 31.

Gold futures in New York reached record prices, briefly crossing $3,500 per troy ounce. While futures prices typically trade at a premium over spot prices, gains were capped at around $3,450 following a Bloomberg report suggesting that the Trump administration may soon clarify that no duties would be imposed on Swiss gold bars.

Gold mining stocks, including Freeport-McMoRan (FCX) and Royal Gold (RGLD), also saw gains, outperforming broader market trends.

–Crystal Kim