Meta Tumbles 10%, Google Marks Historic Rally: What's Moving Markets Thursday?
Wall Street saw a cautious tone on Thursday as major tech-heavy indexes edged lower, weighed down by mixed earnings from the mega-caps and the lingering impact of hawkish remarks from Fed Chair Jerome Powell the day before.Following the Federal Reserve's widely anticipated 25-basis-point rate cut, Powell poured cold water on speculation of another move in December, stressing that an additional reduction is "far from a foregone conclusion." Traders swiftly pared bets for a year-end cut, pricing in a 65% chance versus nearly 100% just a day earlier.The Nasdaq 100 dipped 0.7%, set to end a five-day winning streak, dragged by a steep 10% drop in Meta Platforms Inc. (NASDAQ:META) after the company unveiled hefty new AI-related capital spending. Microsoft Corp. (NASDAQ:MSFT) fell nearly 3% despite topping analysts' expectations, while Alphabet Inc. (NASDAQ:GOOGL) surged 4%.Alphabet's rally capped its seventh consecutive month of gains, with a 63% advance over the past four months — its strongest stretch since the company's early trading months in 2004.Elsewhere, Chipotle Mexican Grill Inc. (NYSE:CMG) plunged more than 15% — its sharpest one-day loss since 2012 — after trimming its sales outlook, citing a tougher macroeconomic backdrop.On the geopolitical front, progress in U.S.–China trade discussions offered a rare note of optimism. In the first in-person meeting between Presidents Donald Trump and Xi Jinping in six years, Washington agreed to reduce certain tariffs, while Beijing committed to ease export restrictions on rare-earth elements and tighten controls on fentanyl-related chemicals.In commodities, gold rebounded 1.8% to $4,000 per ounce after four consecutive declines, even as the ...Full story available on Benzinga.com
