BlackRock has hit a significant milestone, reporting assets under management exceeding $15 trillion for the first time. This performance triggered a rally not only for the world’s largest asset manager but also for key competitors including KKR, Ares Management, and Blackstone. Simultaneously, investors are parsing the latest data from ASML, the Dutch supplier central to the global chip industry. While the company posted record orders and raised its sales guidance—underscoring the persistence of the AI boom—its shares pared early gains, dragging on the broader semiconductor sector during morning trading.
In section Market Quotes
Nasdaq Climbs as Asset Managers and Megacaps Drive Market Gains
A surge in assets under management at BlackRock and robust earnings from tech giants are pulling major indexes higher, even as semiconductor stocks face volatility. The market is reacting to a flurry of second-quarter reports that highlight both the dominance of financial institutions and the cooling enthusiasm for chipmakers.
Despite the friction in chip stocks, the major indexes found support in the performance of the tech sector's heavyweights. Apple, Alphabet, Microsoft, and Amazon.com each traded at least 3% higher, providing the momentum needed to sustain the day's modest gains.
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