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U.S. Stocks Rise on Tech Earnings Ahead of Fed Rate Decision

Published 07/27/2022, 09:38 AM
Updated 07/27/2022, 09:44 AM
© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks rose on Wednesday ahead of the Federal Reserve's interest rate decision as big tech earnings continued to roll in.

At 10:56 AM ET, the Dow Jones Industrial Average rose 120 points or 0.4%, while the S&P 500 rose 1.3% and the NASDAQ Composite rose 2.4%.

The week started off with a profit warning from Walmart Inc (NYSE:WMT) that weighed on the retail sector and cast a cloud over earnings, but Microsoft Corporation (NASDAQ:MSFT) said last night that revenue would grow by double digits this year as cloud computing is in hot demand. Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) also reported better than expected results in search ads, both stocks rose.

Microsoft shares were up 4.4%, and Google parent Alphabet rose 5.5%.

Tech stocks have been pounded down by the Federal Reserve’s rate hikes this year, and the Fed was expected to raise its benchmark rate another 0.75 percentage point later today. 

Investors will be listening to what Fed officials have to say about their outlook, particularly Chair Jerome Powell, who will hold a press conference this afternoon.

PayPal Holdings Inc (NASDAQ:PYPL) shares jumped 10% after a report that activist investor Elliott Investment Management is buying up a stake.

T-Mobile US Inc (NASDAQ:TMUS) rose 3.9% after it raised its subscriber growth forecast again and beat expectations for quarterly profit.

Oil rose. Crude Oil WTI Futures was up 2.5% to $97.28 a barrel and Brent Oil Futures crude was up 2.4% to $101.84 a barrel. Gold Futures dipped 0.1% to $1,715 an ounce.

Latest comments

anyone take give me signals gold about buy or sell
1% increase USA rate
1%√
thr high school definition of inflation is.. too much money chasing too few goods and services. the excess undeserving money in the hands of bulls, that bids up every good and service, must be removed or snatched away. bears will be let loose on bulls to bring sp500 to at least 3200 to remove the excess undeserving money.
So you want market to go down so less wealth so less inflation.  When has a company's falling stock price help it?  If you want less wealth, you can also call for higher taxes.
Here's another way to look at it:  If a company's costs of doing business is inflating, that's bearish on its stock.  Its stock falling ain't gonna help lower its costs.  Its stock falling will make it more attractive for a corporate raider.
look at 11507
Fed will feed the Bulls to the hungry bears and let the bears do the job of reducing inflation. Rates will keep going higher for the next 12 months every fomc meeting
"let the bears do the job of reducing inflation"  --  Explain how that works.
Fed will feed the Bulls to the hungry bears and let the bears do the job reducing inflation. Rates will keep going higher for the next 12 months every fomc
June 16.
last bullish before dump very deep
Show 1 green eat 3 red?
Talking about your salad?
Fed will raise rates to at least 5% sooner or later until funny bulls get eaten alive by the hungry bears
Inflation this so well cut? It is also quite interesting to watch the performance of the Federal Reserve's stock market.
Market will increase before black friday!!
100bp.
on tech losses, rather.
on tech losses, rather.
on tech losses, rather.
Savvy "investors" always "buy" as the "await the FED decision."  Remarkable how they don't sell when they wait.  Another loss reversed the day after it occurs, as the FRAUD and CRIMINAL MANIPULATION continue in the biggest investment JOKE in the world.
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