Live Nasdaq Composite: Tech Earnings, Firmer GDP Buoy Sentiment but AI Capex Spooks

This article will be updated throughout the day, so check back often for more daily updates. 

The Nasdaq Composite found its footing Thursday morning, initially pushing into positive territory as tech retook the wheel, a firmer-than-expected GDP reading, and a welcome retreat in crude oil prices. Alphabet (Nasdaq; GOOGL | GOOGL Price Prediction) did much of the heavy lifting while Microsoft (Nasdaq: MSFT) and Meta Platforms (Nasdaq: META) are wrestling with investor skepticism over runaway AI capex. The index is on course for a standout 12.8% monthly gain if it can hold current levels. Oil prices are lower on the day, with WTI Crude and Brent Crude falling by 1.3% and 3.2%, respectively.

The Nasdaq Composite has since turned lower as Wall Street weighs Big Tech’s AP spending plans in juxtaposition with rising core inflation.

On the economic front, Q1 real GDP grew 2%, a recovery from the near-stall of 0.5% in Q4 2025, with business investment up 9% picking up the slack from softer consumer spending. WTI crude has pulled back to around $100 from a recent peak near $115, taking some pressure off the energy complex.

The relief, however, is offset by a headline PCE reading that accelerated to nearly 4% year over year in March, driven by a 14% energy spike, keeping the Fed firmly in wait-and-see mode. The VIX, sitting near 18, has cooled considerably from its late-March high of 31.

Here’s a look at where things stand as of morning trading:

Dow Jones Industrial Average: 49,389 Up 0.74%
Nasdaq Composite: 27,306 Down 0.07%
S&P 500: 7,177 Up 0.13%

Market Movers

Alphabet set the tone. The search and cloud giant posted Q1 revenue approaching $110 billion, up 22% on the year, with Google Cloud contributing $20 billion — a 63% surge — and its backlog nearly doubling to north of $460 billion. CEO Sundar Pichai declared 2026 off to a strong start, and the market agreed, sending shares roughly 7% higher in after-hours trading.

Amazon delivered its own strong hand, reporting EPS of $2.78 against a $1.73 consensus estimate, with AWS clocking 28% growth , its fastest clip in 15 quarters. Microsoft beat on earnings and pushed its annualized AI revenue run rate to $37 billion, a 123% jump, though a softer top-line tone left shares down around 2%. Meta bore the brunt of investor impatience, tumbling roughly 9% pre-market after hiking full-year capital expenditure guidance to between $125 and $145 billion while absorbing another $4 billion Reality Labs loss.

Thursday’s session is shaping up as a live stress test for the AI spending supercycle. Alphabet’s swelling backlog and AWS reaccelerating suggest cloud demand is genuine and durable, but Meta’s market penalty for stretching its capex envelope is a reminder that investors will only bankroll AI buildouts where revenue growth can keep pace. With the 10-year Treasury near 4% and core PCE hovering around 3%, the Nasdaq’s monthly surge is unfolding against an inflation backdrop that keeps rate cut hopes firmly on the back burner. Apple reports next.

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