Nasdaq surges 1.3% | Tesla shares jump more than 9% | Jobless claims rise

Some better-than-expected corporate results had Wall Street on the hunt for beaten-down assets.

VIEW IN BROWSER | SUBSCRIBE THU, JUL 21, 2022 EVENING BRIEF AS OF THU, JUL 21, 2022 • 05:00 ET DJIA 32036.90 +0.51% +162.06 S&P 500 3998.95 +0.99% +39.05 NASDAQ 12059.61 +1.36% +161.96 Most Active DOW NAME LAST CHG %CHG AAPL 155.35 +2.31 +1.51% VZ 47.66 -1.41 -2.87% INTC 40.61 +0.05 +0.12% S&P 500 NAME LAST CHG %CHG CCL 9.85 -1.24 -11.18% T 18.92 -1.56 -7.62% AMD 91.09 +1.66 +1.86% NASDAQ NAME LAST CHG %CHG AMD 91.09 +1.66 +1.86% AAPL 155.35 +2.31 +1.51% AMZN 124.63 +1.86 +1.51% EDITOR'S NOTE Investors piled into tech stocks Thursday, as some strong corporate results had Wall Street on the hunt for beaten-down assets.   Tesla shares surged about 9.8% on the back of a better-than-expected earnings report, despite also posting shrinking automotive gross margins. The stock is still down nearly 23% this year.   Big Tech names also leapt, leading the Nasdaq Composite to stand out among the three major averages.   "What you're seeing in the market today is continued potential recovery, some continued potential optimism for numbers not being as bad as feared," said Robert Cantwell, portfolio manager at Upholdings. "But that's been happening in the market now for almost a month." Meanwhile, a weaker dollar — following a surprise interest rate hike Thursday from the European Central Bank — also boosted shares of tech companies. The central bank raised benchmark rates for the first time in 11 years, by 50 basis points, to combat inflation.   Still, some pointed to weak economic reports as indicators that markets have yet to hit bottom.   "If overall financial conditions keep tightening on the current path, then that means that macro fair value for US equities will continue to trend lower," said Huw Roberts, head of analytics at Quant Insight. Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Nasdaq surges more than 1% in third straight positive session as Tesla shares pop President Biden tests positive for Covid-19, has mild symptoms Amazon to buy primary health-care provider One Medical for roughly $3.9 billion Tesla shares jump on second-quarter report that was better than analysts feared Former Coinbase manager and two others charged in crypto insider trading scheme Jobless claims rise again in another sign that labor market is cooling Criminal probe opened into deletion of Secret Service Jan. 6 text messages AT&T shares fall after company says later payments, higher spending are hurting cash flow Investors should buy these 'deflation enablers' to counter an inflationary era, Morgan Stanley says What Tesla's bitcoin sale means for the crypto outlook TOP VIDEO I think inflation is going to be with us a long time, says Harvard's Bill George CNBC PRO Investors can pick up yield in pockets of fixed income, but be sure not to take on too much risk SPECIAL REPORTS Here's what you need to know about paying off your student loans 32% of travelers overspend to earn credit-card sign-on bonuses. Here's how to avoid that 'siren song,' says industry analyst Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS