Fed raises rates, Meta beats expectations, Intel on tap - what's moving markets
Investing.com — U.S. stock futures edge higher as traders weighed comments from Federal Reserve chair Jerome Powell following the central bank's decision to resume its long-standing tightening cycle. Elsewhere, Meta Platforms delivers a second-quarter earnings beat and sounds a positive note on its massive bet on artificial intelligence, while chipmaker Intel is due to report its latest results after the bell.
1. Futures point higher after Fed decision
U.S. stock futures climbed Thursday as investors digested a widely-expected interest rate hike by the Federal Reserve that brought borrowing costs up to their highest level in more than two decades.
By 05:24 ET (09:24 GMT), the Dow futures contract added 65 points or 0.18%, S&P futures added 25 points or 0.55%, and Nasdaq 100 futures jumped by 180 points or 1.15%.
The rate-setting Federal Open Market Committee unanimously voted Wednesday to lift the benchmark federal funds rate by a quarter of a percentage point to a range of 5.25% to 5.50%, reigniting an unprecedented tightening campaign. In March 2022, the figure stood at near zero.
Commentary after the decision from Fed Chair Jerome Powell was also in the spotlight. Powell said the central bank would determine future policy on a «meeting by meeting» basis, but demurred from stating if rates will be raised again at the Fed's next gathering in September.
Adding to the overall market picture were results from social media behemoth Meta Platforms (NASDAQ:META). The Facebook owner posted double-digit revenue growth in the second quarter, while Chief Executive Mark Zuckerberg noted that the company's big bet on artificial intelligence (AI) is «paying off.»
2. Powell looks to give Fed flexibility
If Jerome Powell's careful
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