Microsoft and Meta reported quarterly earnings Wednesday, with Microsoft shares sliding up to 5% after missing cloud computing growth estimates despite beating on earnings and revenue. Meta shares rose on strong ad revenue. Tesla also reported that shares initially fell but rebounded as automotive revenue dropped 8%.
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It's not as easy as copying a friend or influencer on social media. Your friend's investment plans aren't yours!
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Apple reports Q1 results after Thursday’s close.
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The Federal Reserve held interest rates steady Wednesday between 4.25% and 4.5%, noting inflation “remains somewhat elevated.” This marked a change from prior statements suggesting inflation progress toward the Fed’s 2% target. Chair Jerome Powell did not address President Biden’s recent criticisms at a news conference.
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Stocks react to earnings reports
In other news, an American Airlines regional jet and a military Black Hawk helicopter collided over Washington D.C. Wednesday night just before the plane, carrying 64 people from Kansas, was to land. Rescuers rushed to pull passengers from the cold Potomac River.
Officials gave no casualty information early Thursday in the first collision in over 15 years. SoftBank is also in talks to invest up to $10 billion in OpenAI, potentially becoming its biggest backer. This follows President Trump’s announcement of a U.S. AI infrastructure initiative with the two companies last week.
Despite the Fed news and tech stock declines, with the S&P 500 losing 0.47%, Dow dropping 0.51%, and Nasdaq shedding 0.31%, stock futures pointed higher Thursday morning as investors digested the significant tech earnings.