Fed Decision, Tech Earnings Influence Market Moves

Big Tech firms also reported quarterly results

Deputy Editor
Feb 2, 2024 at 1:36 PM
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Stocks wrapped up a choppy January with wins across the board, with Wall Street inking its third-straight monthly win despite a shaky start to the month. Providing a backdrop for this week's trading was a deluge of Big Tech earnings, as well as the Federal Reserve's decision to leave interest rates unchanged. Adding to anxiety was the fact that the central bank hinted that it may not cut rates in March like many had anticipated. As of this writing, investors are pouring over a robust January jobs report, with stocks scattered all over the place following the update.

Investors Digest Big Tech Earnings Reports

Google-parent Alphabet (GOOGL) took a step back from its record highs after its fourth-quarter report included disappointing advertising revenue. Meanwhile, Amazon.com (AMZN) stock gapped to two-year highs thanks to a record-breaking holiday shopping season. Not to be outdone, Facebook-parent Meta Platforms (META) scored a new all-time high after the social media giant tripled its profits in the fourth quarter and said it would issue its first-ever cash dividend payout. Lastly, Apple (AAPL) reported fiscal first-quarter figures that were dented by shrinking China sales and stateside jobs data.

More Earnings, Fed Updates Ahead

The first month of 2024 is in the rearview mirror. With the bulk of Big Tech earnings results in, investors will turn their attention to major blue-chip components and Federal Reserve speeches. Plus, why bulls should buckle up, and how to properly hedge for the bumpy road ahead.

 

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