Tech Stocks Boost Nasdaq, DJIA Gains Amid Fed Indecision
The S&P 500 rallied on Thursday as investors digested quarterly results from major tech companies, including Meta Platforms, Tesla, and Microsoft. The S&P 500 rose 0.2% while the Nasdaq Composite gained less than 0.1%. The Dow Jones Industrial Average added 152 points, or 0.3%.
Microsoft shares plummeted over 6% after missing quarterly revenue estimates, while Tesla shares gained 1% after reporting disappointing earnings and revenue figures. Meta, on the other hand, posted strong results and saw its stock rise 3%.
Investors were cautious about buying following slower-than-expected fourth-quarter GDP growth of 2.3%. The results of the remaining "Magnificent Seven" – Apple and Amazon – are anticipated in the coming days.
A day earlier, all three major averages closed in the red, with the market reacting to the Federal Reserve’s decision to leave interest rates unchanged. The decline was led by a 4% drop in Nvidia’s share price. DoubleLine Capital CEO Jeffrey Gundlach attributed the market’s current calm state to the Fed’s decision, but warned that a rate cut was unlikely in the near future.
