A trader is seen at the New York Stock Exchange as markets react to fresh earnings reports and political news.
Today, S&P 500 and Nasdaq 100 futures jumped after strong results from tech giants Microsoft and Meta. S&P 500 futures rose by 0.9%, while Nasdaq 100 futures climbed 1.31%. Dow Jones futures also increased by 131 points or 0.29%.
Microsoft and Meta both saw their stocks soar; Microsoft gained about 8%, and Meta grew by 11% after reporting better-than-expected quarterly earnings. Microsoft revealed that its cloud service, Azure, generated over $75 billion in revenue. Meta’s optimistic outlook for the third quarter surprised many analysts.
In other news, President Trump announced a new trade deal with South Korea, lowering tariffs to 15% from the previously threatened 25%. This announcement comes right before a significant tariff deadline on Friday.
Despite these gains, the stock market had a bumpy ride earlier in the week. On Wednesday, the S&P 500 ended lower following comments from Federal Reserve Chair Jerome Powell, who stated the Fed isn’t ready to cut interest rates yet. The index dropped by 0.12%. Meanwhile, the Dow Jones lost 171.71 points or 0.38%. The Nasdaq Composite, however, managed a slight gain of 0.15%.
The Federal Reserve kept its benchmark rate steady, but opinions among its members varied. Two governors disagreed with this approach, hinting at deeper sentiments within the Fed regarding future policy changes.
Investment analyst Ross Mayfield remarked that the market has been rising sharply, and a pullback makes sense. “Good news is built into prices, so even small changes can sway the market,” he added.
Traders are keeping an eye on upcoming economic data. Later today, the June personal consumption expenditures price index (PCE) will be released, which the Fed monitors closely for inflation insights.
Several companies are set to report earnings today, including Comcast, Bristol-Myers Squibb, and AbbVie. Major names like Apple and Amazon will also update investors on their performance.
For more insights, check out recent statistics from the U.S. Bureau of Economic Analysis, which tracks economic growth indicators, including the inflation rate and personal consumption trends.
Source link
Breaking News: Markets,Stock markets,Markets,United States,Dow Jones Fut (Mar'23),S&P 500 Fut (Mar'23),NASDAQ 100 Fut (Mar'23),S&P 500 Index,Dow Jones Industrial Average,NASDAQ Composite,Microsoft Corp,Meta Platforms Inc,Comcast Corp,Bristol-Myers Squibb Co,Cigna Group,CVS Health Corp,Biogen Inc,Anheuser-Busch Inbev SA,Anheuser-Busch Inbev SA,Shake Shack Inc,AbbVie Inc,Mastercard Inc,Apple Inc,Amazon.com Inc,Alignment Healthcare Inc,business news
