© Reuters Investing.com -- The Dow closed larger Wednesday, extending its gain shuffle to a Thirteenth straight day after shrugging off the Federal Reserve raising hobby charges to the ideally suited level in 22 years and a Microsoft-fueled stumble in tech.
The Dow Jones Industrial Average rose 0.2%, or 82 functions, Nasdaq modified into down 0.1%, and the S&P 500 modified into flat.
Fed Delivers 11th Hike to Curb Inflation
The Federal Reserve raised hobby charges by a quarter-point on Wednesday, and signaled a must leer additional signs of slowing imprint pressures to expose victory on inflation.
Recent economic data exhibiting slowing inflation in June modified into welcomed, nonetheless it with no doubt modified into "ideally suited one file in one month's data," Fed Chairman Jerome Powell said in a press convention that followed the price decision.
"We hope that inflation will apply a lower direction, per the June CPI reading," he added. "But we don't know that and we're going to must leer more data."
Microsoft shines, Google slips on earnings stage
Microsoft (NASDAQ:MSFT) fell practically 4%, souring sentiment on the broader tech sector, as the tech giant's steering for the fiscal first quarter came in below Wall Facet road estimates offsetting larger-than-expected quarterly outcomes.
"Whereas a puny underwhelming, the print wasn’t a thesis-changer, our EPS numbers are transferring up no longer down and we dwell obvious on the AI myth in 2024," UBS said in a imprint.
Alphabet (NASDAQ:GOOGL), within the meantime, reported 2d-quarter outcomes that topped Wall Facet road estimates on every the head and bottom traces, sending its shares larger than 5% larger.
Snap (NYSE:SNAP) also faltered on the earnings stage, falling larger than 14% after its third-quarter steering on gross sales disregarded Wall Facet road estimates. The social media firm did, nonetheless, file larger-than-feared quarterly outcomes.
Boeing, Texas Devices Incorporated creep on income miss
Boeing Co (NYSE:BA) rallied larger than 8% after reporting a smaller-than-expected loss within the 2d quarter and the airplane maker detailed plans to ramp up projections.
Texas Devices Incorporated (NASDAQ:TXN), a semicondutor bellwether, fell larger than 5% on fears about frail chip quiz after forecasting income for the September quarter below Wall Facet road estimates.
