02:24 PM EDT, 07/31/2025 (MT Newswires) -- The Nasdaq Composite and the S&P 500 rose intraday amid post-earnings rallies in shares of Meta Platforms ( META ) and Microsoft ( MSFT ) as markets awaited more mega-cap technology earnings.

The tech-heavy Nasdaq was up 0.5% at 21,231.2 after midday Thursday, while the S&P 500 rose 0.2% to 6,372.6. The Dow Jones Industrial Average fell 0.2% to 44,357.9. Among sectors, communication services paced the gainers with a 2.6% jump, while real estate saw the biggest drop.

Meta shares surged nearly 12%, among the best performers on the S&P 500 and the Nasdaq, while Microsoft ( MSFT ) topped the Dow with a 4.1% gain. Both tech giants delivered quarterly beats late Wednesday.

Meta and Microsoft ( MSFT ) posted "record (artificial intelligence) and data center growth-driven results that continue to support the bullish AI investment theme and drive increasing upward tech sector momentum," Tigress Financial said in a Thursday client note.

IPhone maker Apple ( AAPL ) and e-commerce giant Amazon.com ( AMZN ) are scheduled to report results after the closing bell Thursday, along with others.

Roblox ( RBLX ) shares soared 11% intraday after the video game platform raised its full-year bookings guidance as the success of farm simulation title "Grow a Garden" helped drive a jump in second-quarter engagement.

Align Technology ( ALGN ) shares plunged 36%, the worst performer on the S&P 500. The company late Wednesday outlined a global workforce reduction plan and issued a downbeat third-quarter sales outlook following a second-quarter miss.

US Treasury yields were lower intraday Thursday, with the 10-year rate falling 3.4 basis points to 4.34% and the two-year rate losing one basis point to 3.93%.

In economic news, US consumer spending rose less than projected in June, while the Federal Reserve's preferred inflation metric held steady on an annual basis, government data showed.

"Consumer spending eked out a small gain in June, and a further slowdown is likely in (the third quarter) as tariffs begin to weigh on real income growth," Oxford Economics said. "A boost from increased consumer confidence and tax cuts is probably coming, but we think it's unlikely to be felt until 2026."

West Texas Intermediate crude oil was down 1.4% at $69 a barrel intraday.

The US has agreed to extend the existing tariffs on Mexico for 90 days because the "complexities of a deal with Mexico are somewhat different than other nations," US President Donald Trump said in a social media post Thursday.

On Wednesday, Trump said his reciprocal tariff deadline of Friday for trading partners that haven't signed a trade deal with the US "will not be extended."

The US has struck trade accords with Thailand and Cambodia, The Wall Street Journal reported Thursday, citing US Commerce Secretary Howard Lutnick.

In a separate social media post, Trump said it would be "very hard" for the US to make a trade deal with Canada, which plans to recognize the State of Palestine at a United Nations meeting in September.

Gold was down 0.2% at $3,347.3 per troy ounce, while silver slid 2.9% to $36.67 per ounce.