Stocks ended close to where they began Wednesday after the Federal Reserve hiked interest rates by 0.25% and investors weighed earnings reports from Microsoft (MSFT) and Alphabet (GOOGL).
The Dow Jones Industrial Average (^DJI) clung on to gains as it extended its winning streak to 13 sessions, its longest since 1987. The S&P 500 (^GSPC) was roughly flat, while the tech-heavy Nasdaq Composite (^IXIC) finished down 0.1%.
The Fed had been overwhelmingly expected to hike interest rates Wednesday. In a press conference following the decision, Fed Chair Jerome Powell said the central bank had not made a decision on whether to hike rates at its next meeting in September.
He noted that between now and that meeting, the Fed would consider a slew of economic data including two monthly jobs reports, inflation reports, and data on economic activity.
“All of that information is going to inform our decision,” he said.
Next up on the Big Tech earnings docket is Meta (META), expected to report after trading ends. In focus is what the Facebook parent will say about its artificial intelligence efforts, given that hopes for the tech helped drive a rally in stocks.
Microsoft’s and Alphabet’s AI updates came under close scrutiny, and both topped estimates in their after-hours reports. But the stocks are headed in opposite directions early Wednesday, with the Google owner on the rise.
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