Hey there, readers!
Today, let's dive into the latest market developments and tech earnings. It's been an eventful day, so grab your favorite beverage and let's get started!
The market has been buzzing with anticipation about when the Fed might start cutting rates. Well, today, Fed Chair Jerome Powell made it clear that a cut is likely coming this year, just not in March. This news sent Treasury yields on a rollercoaster ride, but they ultimately settled at 3.965%, down 0.09 percentage point from Tuesday.
Unfortunately, Powell's commentary left the equity markets cold. All three indexes ended the day in the red. The S&P 500 declined 1.6%, the Dow Jones Industrial Average shed 0.8%, and the Nasdaq Composite sank 2.2%. Lackluster tech earnings played a part in this downturn.
Google-parent Alphabet reported disappointing advertising growth and missed Wall Street expectations on operating income, causing their stock to decline by 7.4%. On the other hand, Microsoft had better numbers to report, but as Heard's Dan Gallagher explains, they can't afford to rest on their laurels either.
In other news, New York Community Bancorp's shares took a nosedive after the regional bank swung to a fourth-quarter loss and slashed its dividend. However, as Heard's Telis Demos explains, investors in other regional banks likely don't need to panic.
But it's not all bad news! Paramount Global saw a 6.7% increase in their shares after news broke that another suitor made a $14.3 billion offer to buy the company. Exciting stuff!
That's all for today's market recap. Stay tuned for more updates and happy investing!
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