Tech Giants Apple and Alphabet witness a surge in their stock market values
In today's market news, Apple's shares received a significant boost of 3.6 percent, following a favourable ruling for Alphabet in a court case. The ruling, handed down by Judge Amit Mehta in Washington, was more advantageous for Alphabet than anticipated, according to analyst Doug Anmuth of US bank JPMorgan.
The ruling blocked the US government's attempt to break up Google, resulting in a surge of 8.6 percent in shares of Google parent Alphabet. The court decision allows Alphabet to continue to pay other companies, such as Apple or Mozilla, to pre-install or prominently feature its services.
Meanwhile, the broader market showed mixed results. The Dow Jones Industrial Average slipped 0.1 percent to 45,270.89 points, while the S&P 500 closed up 0.5 percent at 6,444.4 points. The Nasdaq 100 index, on the other hand, saw a 0.8 percent rise to 23,409.5 points. However, the Nasdaq 100 may not have much action until Friday.
Investors are keeping a close eye on the upcoming monthly jobs report, which is set to be released before the weekend. The report is expected to significantly influence the US Federal Reserve's monetary policy, with a first rate cut this year by the Fed at their mid-month meeting almost certain.
Elsewhere in the retail sector, Macy's, Inc. (WKN: A0MS7Y) experienced a 17.2 percent boost in its shares due to better-than-expected quarterly results and a more optimistic outlook. Conversely, shares of discount variety store chain Dollar Tree plummeted 9.2 percent after a disappointing second quarter.
These updates are sourced from dpa-AFX, ensuring factual accuracy and adherence to the given information. Stay tuned for more market updates as they unfold.
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