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Ray Tid
Jul 26, 2023 1:54PM ET
Up one more time Mr Powell
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U.S. stocks were wobbling ahead of Fed's rate decision as big tech reports
Published Jul 26, 2023 09:57AM ET
Updated Jul 26, 2023 11:16AM ET
© Reuters.
Investing.com -- U.S. stocks were wobbling ahead of the Federal Reserve’s interest rate decision after mixed earnings from Microsoft and Alphabet.
At 11:09 ET (15:09 GMT), the Dow Jones Industrial Average was up 28 points or less than 0.1%, while the S&P 500 was down 0.3% and the NASDAQ Composite was down 0.6%.
Microsoft and Alphabet report mixed results
Microsoft Corporation (NASDAQ:MSFT) shares were falling 4.6% in early trading after beating expectations but reporting slower growth as it ramps up its artificial intelligence capabilities. Google parent Alphabet Inc. Class C (NASDAQ:GOOG) meanwhile was rising 5.8% after beating expectations with a rebound in advertising revenue and cloud services.
The two kicked off earnings reporting season for big tech, with Meta Platforms, Inc. (NASDAQ:META) expected to report later today.
Investors have driven tech stocks higher this year on the hope that the Fed was nearing the end of its interest rate increases. The Nasdaq is up 34% for the year, also fueled by the excitement over AI.
Fed decision now in view
The Fed will announce its decision at 14:00 ET today, and Chair Jerome Powell will hold a press conference after that, which will be live-streamed. Investors will be listening closely to what Powell says about the next few months and the Fed’s thinking heading into the fall.
The Fed has said it will be guided by data, which has shown a cooling in inflation, though the labor market remains tight. While futures traders largely expect a quarter of a percentage point increase today, they are torn on whether and when another rate hike this year could come or whether the Fed will stop after this.
An initial reading on gross domestic product for the second quarter is due out Thursday morning and the latest reading on inflation in the form of the personal consumption expenditure index is due out on Friday.
The next big event for the Fed is its annual meeting in Jackson Hole, Wyo., later in August.
Boeing posts narrower-than-expected loss
In other stock movers, Boeing Company (NYSE:BA)was rising 5.3% after a narrower-than-expected loss, while Coca-Cola Company (NYSE:KO) rose 0.4% after hiking its forecasts for annual revenue and profit.
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Comments (8)
Ronald Warren
Jul 26, 2023 1:06PM ET
The inflation battle is not over!! No white flag today! Fed Nowcast says CPE is increasing!! The stats make no sense. CPI- the price of goods slipped a little in July, but Americans are spending much more YOY. Hold onto your azz
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mus tos
Jul 26, 2023 12:53PM ET
what will happen to stocks after FED hike and if Powell gives signal for additional hike if needed for the future?
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Ronald Warren
Jul 26, 2023 12:53PM ET
The market should sell! Powell told us in June that we would have at least two more hikes this year. The market is deaf! Reality bites!!
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Faysal Elouali
Jul 26, 2023 12:53PM ET
sell
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Faysal Elouali
Jul 26, 2023 12:53PM ET
5% Down tomorrow
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Matt Kay
Jul 26, 2023 12:53PM ET
nothing will happen. stonks only go up
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Rafeeque Thachampoyil
Jul 26, 2023 12:53PM ET
Gold sell or buy?
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dylan mulvaney
Jul 26, 2023 11:53AM ET
You can tell how unhealthy an economy is by how dependent it is on the Fed.
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Mitchel Pioneer
Jul 26, 2023 11:00AM ET
First possible loss in 2 weeks, and the 10AM breaker fires with the predictability of the rising tide. The intraday volatility returns, as the laughingstock of the investing world miraculously "rallied" for days without a hint of stress. The criminal manipulation is as flagrant as ever. Greatest financial FRAUD in history, and biggest investment JOKE in the world.
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RAJEEV SAGWARIA RAJEEV
Jul 26, 2023 10:31AM ET
BTFD
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John Doh
Jul 26, 2023 10:16AM ET
Honestly, now that the recession fears are behind us, it's a good time to buy.
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CHOUHAN BHAI
Jul 26, 2023 10:16AM ET
all right sir
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Gayle Williams
Jul 26, 2023 10:16AM ET
there is plenty of reason to believe the prospect of a recession is not behind us. the bond market gas been screaming recession for a while now
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Max Gross
Jul 26, 2023 10:16AM ET
Gayle Williams Same applies to the Leading Economic Indicators. They look horrible.
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Scott White
Jul 26, 2023 10:08AM ET
Hey Sheep buy the dip !!
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Chris Gonzales
Jul 26, 2023 10:08AM ET
Tell me Scott White not a sheep give me your expertise in investing
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