US market today: Microsoft, Meta earnings lift Nasdaq to record level; inflation uptick dims Fed rate cut hopes
However, concerns over inflation data and President Donald Trump's shifting tariff policy kept investor sentiment cautious ahead of the next Federal Reserve meeting.
The Nasdaq Composite climbed 0.8%, heading for a new record, while the S&P 500 added 0.2%, just shy of its all-time high set earlier this week. The Dow Jones Industrial Average traded flat around 11 a.m. Eastern, AP reported.
Meta surged 11.2% after it beat Wall Street's expectations on both sales and profit, driven by strength in its advertising business and large-scale AI investments.
Microsoft jumped 4.4%, following better-than-expected results and a strong performance update on its Azure cloud platform, a cornerstone of its AI roadmap.
Apple and Amazon were scheduled to report earnings after market close. Big tech firms have consistently been market drivers this year, riding on investor enthusiasm around generative AI.
Outside tech, CVS Health rose 3.3% after raising its full-year forecast post an earnings beat for the second quarter.
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Inflation uptick and tariff tensions keep Fed in spotlight
Markets digested fresh economic data, including a 2.6% rise in the personal consumption expenditures (PCE) index in June — the Fed's preferred inflation measure — up from 2.4% in May. The core PCE, which excludes food and energy, also rose 2.8%, marking a potential headwind to rate-cut hopes.
Meanwhile, unemployment claims inched up, and new inflation pressures continue to be linked to Trump's on-and-off tariff decisions.
Businesses such as Ford and Hershey have flagged tariff impacts on profitability, adding to corporate unease.
Trump's latest moves include a 50% tariff on Brazil, directly linked to former President Jair Bolsonaro's trial, and a tariff deal with South Korea. He has threatened similar levies on goods from multiple countries unless agreements are reached by Friday. Unpredictability in trade policy has led to concerns over inflation persistence and Fed inaction.
Fed holds rates amid uncertainty
The Fed left interest rates unchanged for the fifth consecutive meeting on Wednesday. Chair Jerome Powell reiterated that while inflation is close to the 2% target, persistent upward pressures and tariff-linked uncertainties remain. Markets have since scaled back expectations of a September rate cut — CME Group data now places the odds at 39.2%, down from 58.4% a week ago and 75.4% a month ago.
Yields on US government bonds eased slightly, with the 10-year Treasury slipping to 4.34% from 4.37%, and the 2-year note falling to 3.92% from 3.94%.
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