The S&P 500 Index (SPY  ) and Nasdaq Composite (QQQ  ) each set another record close on Thursday as Alphabet's better-than-expected earnings provided more room for stocks to run.

The broader market index ticked above the flatline to settle at 6,363.35, while the tech-heavy Nasdaq advanced about 0.2% to close at 21,057.96. Both indexes also reached new intraday all-time highs earlier in the session. The Dow Jones Industrial Average (DIA  ), however, fell over 300 points as shares of IBM (IBM  ) declined after its second-quarter software revenue disappointed analysts.

Google-parent Alphabet (GOOG  ) (GOOGL  ) reported strong second-quarter earnings after market close on Wednesday, with revenue from its YouTube advertising and Google Cloud segments each topping expectations. The tech giant also announced plans raise its capital expenditures for 2025 to $85 billion from $75 billion on Wednesday, citing "strong and growing demand for our Cloud products and services."

IBM (IBM  ) delivered better-than-expected headline earnings late Wednesday, but revenue for its key software unit fell short of Wall Street estimates at $7.39 billion as "clients reprioritized their spend to the hardware," CEO Arvind Krishna said during the company's earnings call.

"While not a major factor overall, geopolitical tensions are prompting a few clients to move cautiously," Krishna said. "U.S. federal spending was also somewhat constrained in the first half, but we do not expect it to create long term headwinds."

Tesla (TSLA  ) shares fell 8% on Thursday after the electric vehicle maker reported its second straight quarter of declining auto sales, with automotive revenue declining 15% annually to $16.7 billion. CEO Elon Musk also told analysts during the company's earnings call that there could be a "few rough quarters" ahead as the federal government's EV tax credits are set to expire.

Likely in response, President Donald Trump said he wanted Elon's businesses to succeed on Thursday, offering positive comments after the president and billionaire each publicly shared critical statements about the other in recent weeks.

"Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large scale subsidies he receives from the U.S. Government," Trump wrote in a Truth Social post on Thursday. "This is not so! I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before."

"The better they do, the better the USA does, and that's good for all of us," he added. "We are setting records every day, and I want to keep it that way!"

Elsewhere, Trump made an unusual visit to the Federal Reserve on Thursday, escalating pressure between the president and Fed Chair Jerome Powell over interest rates and the independence of the central bank. The two leaders toured the construction site at the Fed, and briefly talked about the costs of the $2.5 billion renovation project -- Trump claimed the cost had rising to $3.1 billion, which Powell fact-checked in real-time before reporters.

"We're just taking a look at what's happening," Trump said when asked about the overall reason of the visit, adding that he saw "a lot of very expensive work, there's no question about it."

The high-profile visit comes as the Federal Open Market Committee (FOMC) is set to meet next week for their next interest rate decision, in-which policymakers are widely expected to hold rate at their current target range of 4.25% to 4.50%. Trump has repeatedly called for the central bank to cut interest rates.

Looking ahead, earnings from Intel (INTC  ) are likely to move markets on Friday as stocks continue to trade at all-time highs.