Dow rallies 400 points for first close above 47,000 ever following mild inflation report: Live updates

Traders work on the floor of the New York Stock Exchange on July 23, 2025 in New York City.

Spencer Platt | Getty Images

The Dow Jones Industrial Average secured its first close above the 47,000 level on Friday.

The blue-chip index rose 472.51 points, or 1.01%, to finish at 47,207.12.

The S&P 500 and Nasdaq Composite also experienced a record-setting session. The broad market index climbed 0.79% to 6,791.69, while the tech-heavy index advanced 1.15% to end at 23,204.87.

— Sean Conlon

The earnings beats seen this third-quarter reporting season are driving higher-than-average equity returns, according to Barclays.

“Though we’re still in the early innings of reporting season (just 34% of S&P 500 market cap is expected to have reported results by the end of this week), stocks are reacting positively to EPS beats thus far,” said strategist Venu Krishna in a note. “Companies beating the consensus estimate have delivered a median beat of ~6% (~8% cap weighted) and outperformed [S&P 500 Equal-Weighted Index] by 67 [basis points] over the first trading session after reporting results, compared to a [long-term] median of 33 [basis points].”

“Given the small number of misses to date, we will get a better sense of the average reaction to an EPS miss later in the season,” he continued. “The reaction to beats is an incremental indicator that a strong earnings season will be unusually critical to sustaining further upside for US equities, considering the elevated [implied volatility] into results highlighted by our derivatives strategists combined with long institutional and systematic equity positioning.”

— Sean Conlon

On Friday, 28 stocks in the traded at new 52-week highs.

Tickers that hit this milestone included:

• Alphabet A share trading all-time highs back to its IPO on Aug. 19, 2004
• Warner Bros. Discovery trading at levels not seen since April 2022
• General Motors trading at all-time highs back to the “new” GM IPO in November 2010
• Ralph Laurentrading at all-time highs back to its IPO in June 1997
• American Express trading at all-time high levels back to its IPO in May 1977
• General Dynamics trading at all-time high levels back to 1952 when it was incorporated and listed on the NYSE
• 3Mtrading at levels not seen since June 2021
• Advanced Micro Devices trading at all-time high levels back to its IPO in September 1972
• CrowdStrike trading at all-time highs back to its IPO in June 2019
• Micron trading at all-time highs back to IPO in June 1984
• Palo Alto Networks trading at all-time highs back to its IPO in July 2012

Just two stocks in the index traded at new 52-week lows: Deckers Outdoor and Tyson Foods.

— Christopher Hayes, Lisa Kailai Han

Ontario Premier Doug Ford said Friday that his province will pause running ads that feature formerPresident Ronald Reagancriticizing tariffs after World Series games this weekend so that trade talks between Canada and the United States can resume.

Ford’s announcement on X came a day after PresidentDonald Trumpterminatedtrade negotiations with Canadabecause of the ad.

Ford said he had spoken with Canadian Prime Minister Mark Carney before his decision to pause the ad effective Monday “so that trade talks can resume.” Read more.

— Dan Mangan

Shares of footwear makerDeckers Brandsplunged more than 12% Friday after the company trimmed its sales guidance forHokaandUgg— the two brands driving its growth —over concerns that tariffs are leading to a slide in demand.

Hoka, an up-and-coming running shoe brand, is now expected to grow by a low-teens percentage in fiscal 2026 after growing 24% in the year-ago period, while Boots brand Ugg is expected to grow in the range of a low to mid single-digit percentage, after growing 13% in the year-ago period. Read more.

DECK, 1-day

President Donald Trump said on Friday that he believes his tariff policy has built up the stock market.

“THE STOCK MARKET IS STRONGER THAN EVER BEFORE BECAUSE OF TARIFFS!” Trump wrote in a Truth Social post.

His remarks come as investors’ fears surrounding U.S. trade relations with China have been mitigated after the White House said Thursday that Trump and Chinese President Xi Jinping will participate in a bilateral meeting in South Korea next week.

The market was also mostly unfazed Friday by Trump’s announcement that he’s putting an end to all trade negotiations with Canada over an ad that featured former President Ronald Reagan “speaking negatively” about tariffs.

— Sean Conlon

These are some of the stocks making notable moves midday:

• Ford Motor— The Detroit automaker surged 10.7%following its third-quarter earnings beat. Ford’s adjusted earnings of 45 cents per share topped the 36 cents expected from analysts polled by LSEG. Revenue came in at $47.19 billion, versus the $43.08 billion consensus estimate.
• Alphabet— Shares of the tech giant popped 2.5% after artificial intelligence companyAnthropicand Alphabet’s Google officiallyannounced their cloud partnership. The deal, worth tens of billions of dollars, gives Anthropic access to up to one million of Google’s custom-designed Tensor Processing Units, or TPUs.
• Deckers Outdoor— The Hoka and Ugg maker fell 12% after its revenue forecast fell short of expectations. Deckers expects full-year revenue of roughly $5.35 billion, lower than the $5.45 billion analysts surveyed by LSEG were estimating.

See the full list here.

— Alex Harring

The S&P 500 rose around 1% on Friday, surpassing the 6,800 level for the first time ever.

The broad market index gained 1.01% in midday trading to reach a new intraday record of 6,806.42. The move higher puts its year-to-date climb at more than 15%.

S&P 500, 1-day

Shares of Advanced Micro Devices rose 6.6%, while IBM shares rose more than 7%, after IBM on Friday said it can run a key quantum computing error correction algorithm on chips from AMD, Reuters said in a report. The milestone is a key step towards IBM’s effort to build a quantum computer by 2029.

IBM had announced in June that it developed an algorithm to run alongside quantum chips that can tackle the kinds of errors qubits — the basic unit of information in quantum computing — are prone to make. Reuters, which viewed a research paper set to be published Monday, reported that IBM is now able to those algorithms in real time on a kind of commonly produced chip from AMD called a field programmable gate array.

AMD stock performance for the past year.

“Implementing it, and showing that the implementation is actually 10 times faster than what is needed, is a big deal,” Jay Gambetta, director of IBM research, told Reuters.

The two companies in August announced an agreement todevelop quantum computing capabilitiesand integrate technologies.

Shares of AMD are up about 106.7% this year. IBM share have jumped more than 40%.

— Pia Singh

Bank shares gained on Friday on hopes that two interest rate cuts from the Federal Reserve this year will reignite the U.S. economy and lending.

Shares of JPMorgan, Wells Fargo and Citigroup were all up more than 2% in late morning trading. Bank of America rose about 2%.

JPMorgan, 1-day

Morgan Stanley upgraded Commercial Metals to overweight from equal weight on Friday, citing the company’s upcoming acquisitions and strong rebar prices.

The metal products manufacturer recently said it would buy Foley and Concrete Pipe & Precast, two major concrete companies, for a total of $2.5 billion. The acquisition should meaningfully enhance Commercial Metal’s free cash flow capabilities, said analyst Carlos De Alba in a note to clients.

Plus, continued strength in rebar supports margin expansion, he said.

“CMC is one of the largest long steel producers in North America and is well positioned to continue reaping the benefits of relatively strong rebar prices since this summer,” De Alba wrote.

The firm also raised its steel price forecasts as tariffs remain intact and expects U.S. mills to continue to benefit from those prices near term. However, a potential trade deal with Canada and Mexico limits price upside for now, De Alba said.

Shares of Commercial Metals are up nearly 23% year to date.

— Michelle Fox

Consumer sentiment cooled slightly as October neared an end as long-run inflation expectations edged higher, according to a University of Michigan survey Friday.

The headline sentiment reading posted a 53.6 reading, down 2.7% from September and below the Dow Jones estimate for 54.9. On a year-over-year basis, the level tumbled 24%.

Inflation expectations at the one-year horizon edged down to 4.6%, the lowest reading since July, while the five-year outlook climbed to 3.9%, the highest since June.

“Overall, consumers perceive few material changes in economic circumstances from last month; inflation and high prices remain at the forefront of consumers’ minds. There was little evidence this month that consumers connect the federal government shutdown to the economy,” said survey director Joanne Hsu.

—Jeff Cox

It has been a great start to earnings season, with about 30% of the S&P 500 having reported so far. A staggering 87% of the companies that have reported have beat on earnings, while 82% have topped Wall Street’s revenue expectations. Those are far greater beat rates than the typical 67% earnings beat rate and the 62% average revenue beat rate, according to LSEG.

Incredibly this season, three out of every four companies that have reported have posted a double beat – topping both earnings AND revenue estimates, according to LSEG Senior Research Analyst Tajinder Dhillon. Compare that to the 69% double beat rate last season (Q2) and the far less impressive 54% back in Q1.

All that is leading to yet another double-digit earnings growth rate this season. S&P 500 earnings are now on track to rise 10.4% from a year ago. Although that is (not yet) the 13% growth seen in the first and second quarters, it has risen since earnings season began.

More momentum could be in store during the busiest week of earnings season next week, when nearly one third of the S&P 500 is reporting. Five of the Magnificent 7 companies will be out with results too – Alphabet, Microsoft, Meta, Amazon and Apple.

— Robert Hum

The S&P 500 and the Nasdaq Composite reached new heights at the start of Friday’s session.

The broad market index gained 0.8% just after the opening bell, while the tech-heavy Nasdaq jumped 1%. The Dow Jones Industrial Average climbed 288 points, or 0.6%.

— Sean Conlon

Here are some of the companies making headlines before the opening bell:

• Applied Materials— Chip equipment manufacturer saw shares dip slightly after the firm announced itislaying off 4% of its workforce.
• Comfort Systems— The HVAC stock surged more than 18% following a better-than-expected third-quarter earnings report and a dividend increase.
• Deckers Outdoor— The owner of the Hoka and Ugg shoe brands’ shares plunged 12% after its revenue forecast fell short of expectations.
• Boston Beer— Shares gained 2% after the maker of Samuel Adams beer and Twisted Tea beverage posted third quarter earnings that topped expectations, and raised its full year guidance.
• SLM Corp— The consumer bank stock jumped 8% in premarket trading after the firmraised full-year earnings guidance, while investors cheered solid buyback activity.

— Yun Li

The consumer price index increased 0.3% from August to September, bringing the 12-month inflation rate to 3%. Economists surveyed by Dow Jones had anticipated gains of 0.4% and 3.1%, respectively.

Excluding volatile food and energy prices, so-called core CPI showed a 0.2% advance on the month and an annual increase of 3%. Economists forecasted growth of 0.3% and 3.1%.

— Alex Harring, Jeff Cox

Coinbase ticked up 3% in premarket trading on Friday, after JP Morgan upgraded its stock to overweight from neutral and lifted its price target to $404 on promising developments in its subscription services division and decentralized finance platform.

Several other digital asset stock are also trading higher before the opening bell. Shares of stablecoin issuer Circle, Bitcoin treasury and software firm Strategy and crypto-focused trading firm Galaxy Digital rose nearly 2%. Crypto mining stock, including Riot Platforms and Cleanspark, are up about 2% and 4%, respectively, in pre-session trading.

Bitcoin is up nearly 1% before the bell, with the token now hovering above its critical $110,000 support level.

— Liz Napolitano

The Friday release of September’s consumer price index report is pretty much the only game in town this month for a Wall Street that is hungry for data, raising the chances for it to be a market-moving event.

While the actual numbers are expecting to land about where they’ve been in recent months, the dearth of official economic reports, thanks to thegovernment shutdown, means even a slight deviation could cause an outsized impact.

“Because we haven’t gotten any government data in the recent past, I think all of the market’s focus and all of the market’s attention is going to be directed onto this one report,” said Troy Ludtka, senior U.S. economist at SMBC Nikko Securities. “This is going to be the report to end all reports.” Read more.

— Jeff Cox

The U.S. and China can still find ways to work together, Chinese Commerce Minister Wang Wentao told reporters Friday, ahead of an expected meeting between the presidents of both countries on Oct. 30.

“General SecretaryXi Jinpinghas stressed that dialogue and cooperation are the only right choice for China and the U.S.,” Wang said in Mandarin, translated by CNBC. “China, as a responsible big nation, has always opposed decoupling and ‘breaking the chain,’ [while] adhering to global supply chain security and safety.”

Wang said that both sides can find ways to address the issues they have with each other “on the basis of mutual respect.” The two countries, he added, can “find the right path for getting along, for the healthy, stable and sustainable development of China-U.S. relations.” Read more.

— Evelyn Cheng

Procter & Gamble shares rose more than 2% in premarket trading on Friday following the company’s fiscal first-quarter results.

P&G reported adjusted earnings of $1.99 per share for the period, above the $1.90 per share that analysts surveyed by LSEG were looking for. The company’s revenue of $22.39 billion also beat the consensus estimate of $22.18 billion.

Additionally, the company maintained its earnings and sales growth guidance for the full year.

PG, 1-day

AI company AnthropicandGoogleofficially announced their cloud partnership Thursday in a deal worth tens of billions of dollars.

The deal, which marks Google’s largest TPU commitment to date, gives Anthropic access to up to one million of Google’s custom-designed Tensor Processing Units, or TPUs, and is expected to bring well over a gigawatt of AI compute capacity online in 2026. The partnership will add over a gigawatt of compute capacity by 2026, supporting Anthropic’s surging $7 billion revenue run rate.

Google stock performance over the past year.

Check out the companies making headlines in after-hours trading:

• Alphabet— Shares of search engine giant Alphabet ticked 1% higher afterAnthropicand Google officiallyannounced their cloud partnershipThursday. The deal, worth tens of billions of dollars, gives Anthropic access up to one million of Google’s custom-designed Tensor Processing Units, or TPUs.
• Ford Motor— Shares of the Detroit automaker jumped 4% in after-hours trading. Ford Motor’sthird-quarter earnings resultsexceeded Wall Street’s expectations, but the company lowered its full-year guidance due to impacts of a fire at an aluminum supplier. Ford reported adjusted earnings per share of 45 cents on revenue of $47.19 billion, while analysts polled by LSEG expected earnings of 36 cents per share on revenue of $43.08 billion.
• Target— Shares of the discount retailer rose less than 1% afterannouncingit would cut its corporate workforce by 8%. The action, which impacts about 1,800 jobs, is its first major layoff in a decade.
• Intel— Intel shares jumped about 7% after the chipmakerposted third-quarter sales that beat analysts’ estimates, spurring optimism that demand for the company’s core x86 processors for PCs has recovered. Intel, whose top shareholder is the U.S. government after the Trump administration took a 10% stake in August, reported 23 cents per share in earnings after adjustments. Revenue came out at $13.65 billion, higher than the $13.14 billion estimated by analysts, according to LSEG.

For the full list, read here.

— Pia Singh