Tech Giants Lead Stock Market, Ending the Week with Gains

U.S. stock indexes closed higher, driven by strong performances in the technology sector and positive earnings reports. Tech giants like Alphabet and Meta Platforms saw significant gains, while Intel's return to profit boosted chip stocks. Electric vehicle (EV) companies, including Tesla, also experienced rises, but Ford's stock declined. Chevron and Exxon Mobil's stocks slid after reporting lower quarterly profits compared to the previous year. Additionally, the Federal Reserve's preferred inflation indicator, the PCE price index, showed a 3% increase in prices for June, slightly lower than the 3.8% rise in May. The week concluded with gains for the Nasdaq Composite, S&P 500, and Dow industrials. Oil prices rose, with Brent crude reaching nearly $85 a barrel, marking its largest one-week gain since April and a fifth consecutive weekly rise.