Stock market today: Dow sidesteps Fed hike, tech slump to keep win streak alive
Investing.com — The Dow closed higher Wednesday, extending its win streak to a 13th straight day after shrugging off the Federal Reserve raising interest rates to the highest level in 22 years and a Microsoft-fueled stumble in tech.
The Dow Jones Industrial Average rose 0.2%, or 82 points, Nasdaq was down 0.1%, and the S&P 500 was flat.
The Federal Reserve raised interest rates by a quarter-point on Wednesday, and signaled a need to see further signs of slowing price pressures to declare victory on inflation.
Recent economic data showing slowing inflation in June was welcomed, but it was «only one report in one month's data,» Fed Chairman Jerome Powell said in a press conference that followed the rate decision.
«We hope that inflation will follow a lower path, consistent with the June CPI reading,» he added. «But we don't know that and we're going to need to see more data.»
Microsoft (NASDAQ:MSFT) fell nearly 4%, souring sentiment on the broader tech sector, as the tech giant's guidance for the fiscal first quarter came in below Wall Street estimates offsetting better-than-expected quarterly results.
«While a bit underwhelming, the print wasn’t a thesis-changer, our EPS numbers are moving up not down and we remain positive on the AI story in 2024,» UBS said in a note.
Alphabet (NASDAQ:GOOGL), meanwhile, reported second-quarter results that topped Wall Street estimates on both the top and bottom lines, sending its shares more than 5% higher.
Snap (NYSE:SNAP) also faltered on the earnings stage, falling more than 14% after its third-quarter guidance on sales missed Wall Street estimates. The social media company did, however, report better-than-feared quarterly results.
Boeing Co (NYSE:BA) rallied more than 8% after
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