Market Reactions to Big Tech Earnings and Economic Shifts

Wall Street saw mixed performance following tech earnings, with Meta stocks rising despite a revenue downgrade and Microsoft's shares falling after disappointing cloud forecasts. The Federal Reserve held rates steady, and gold neared record highs. The European market hit a new peak amidst earnings reports, and oil prices rebounded modestly.

Wall Street experienced slight gains as investors reacted to earnings from major tech companies like Meta and Microsoft, amidst a backdrop of steady Federal Reserve interest rates and economic shifts.

Despite higher-than-expected earnings from Microsoft, a downbeat outlook on its cloud computing service caused a 6% drop in its shares. On the other hand, Meta's shares rose by 2% due to cost-cutting plans, while Tesla also saw a 2% rise despite lower profit margins.

The mixed earnings reports were coupled with economic data showing slowed U.S. growth, but still robust enough to maintain gradual rate adjustments. European markets reacted positively, recording a new high for the STOXX 600 index, while commodity prices like gold and oil saw significant movements due to fluctuating dollar values.

(With inputs from agencies.)