Stocks Rise on Economic Strength; Corporate Results Mixed

Key Economic Indicators Point to Solid Economy

* US economy expands at a strong pace, offsetting drags from Boeing strike and inventory investment
* Consumer spending advances at 4.2% pace, exceeding 3% for consecutive quarters
* "Magnificent Seven" megacaps mostly decline, led by Tesla and Meta
* Small-cap Russell 2000 index gains 1.1%

Corporate Highlights

* American Airlines regional jet and military helicopter collide, resulting in multiple fatalities
* Southwest Airlines warns of rising costs, undercutting demand gains
* United Parcel Service projects revenue below expectations, delaying parcel services rebound
* Tesla plans robotaxi launch and aims to boost vehicle sales
* Microsoft cloud computing growth slows amidst data center constraints
* Meta Platforms CEO Zuckerberg expresses confidence in AI strategy
* International Business Machines projects strong revenue growth in AI
* Caterpillar anticipates slight revenue decline due to demand concerns
* Mastercard beats earnings estimates, diversifying beyond payment network

Market Performance

Stocks:

* S&P 500: +0.2%
* Nasdaq 100: Unchanged
* Dow Jones Industrial Average: +0.3%
* Stoxx Europe 600: +0.8%
* MSCI World Index: +0.4%

Currencies:

* Bloomberg Dollar Spot Index: -0.3%
* Euro: +0.1% vs. USD
* British pound: +0.1% vs. USD
* Japanese yen: +0.8% vs. USD

Cryptocurrencies:

* Bitcoin: +2%
* Ether: +3.9%

Bonds:

* 10-Year Treasury yield: -2 basis points
* Germany 10-Year yield: -8 basis points
* Britain 10-Year yield: -8 basis points

Commodities:

* West Texas Intermediate crude oil: +1.2%
* Spot gold: +1.1%