That’s its highest level since 2001 and up from virtually zero early last year. ![]() In the bond market, the highlight was the Fed’s move to raise its federal funds rate to a range of 5.25% to 5.50% in hopes of wrestling down high inflation. The aircraft maker reported a smaller loss for the spring than analysts expected, and revenue topped expectations. The stock has soared 148% so far this year, while Alphabet and Microsoft are both up more than 40%.īoeing, meanwhile, helped prop up the Dow Jones Industrial Average, which has less of an emphasis on Big Tech than the S&P 500. Meta Platforms, another member of the “Magnificent Seven” that’s overshadowed the rest of the market also reported its results after trading closed for the day. They’ll need to deliver big profits to justify those gains. Seven stocks alone accounted for most of the S&P 500’s returns through the first half of this year, largely on expectations that their explosive growth will continue. What Big Tech titans do matters more for Wall Street than other stocks because they have become so influential due to their massive size. The parent company of Google and YouTube reported better profit and revenue for the spring than analysts expected. Helping to limit the market’s losses was Alphabet, which rose 5.6%. Microsoft weighed on the market after falling 3.8% despite reporting better profit and revenue for the spring than expected. ![]() That may have bolstered hopes among traders that Wednesday’s hike could be the last for a long time. The bond market moved more sharply, and Treasury yields fell after Fed Chair Jerome Powell said no decision had been made about whether to raise rates at its next meeting or beyond. The Dow Jones Industrial Average rose 0.2% to 35,520.12, and the Nasdaq composite slipped 0.1%, to 14,127.29. The S&P 500 slipped less than 0.1% to 4,566.75, remaining near a 15-month high. ![]() Stocks on Wall Street held steady Wednesday. Business & Finance Click to expand menu.
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