Market Movement: The S&P 500 and Nasdaq Composite fell on Tuesday, with declines of 0.6% and 1.2%, respectively. The Dow Jones Industrial Average rose by 0.3%. The tech sector, particularly large-cap stocks, showed weakness, while earnings season has been strong overall.
Microsoft's Cloud Results: Microsoft’s cloud segment, including Azure, missed revenue expectations for the fiscal fourth quarter, contributing to a drop in its stock despite strong overall earnings.
Federal Reserve Meeting: The Fed is anticipated to maintain current interest rates at its Wednesday meeting, with potential rate cuts hinted for September. Markets are already pricing in a high probability of future rate reductions.
Meta’s Settlement: Meta agreed to a $1.4 billion settlement with Texas over the use of biometric data from millions of residents, related to its facial recognition technology.
Stellantis Layoffs: Stellantis is offering voluntary buyouts to non-union employees and may resort to involuntary layoffs if necessary. The company has previously reduced its workforce significantly.
Microsoft's Cloud Results: Microsoft’s cloud segment, including Azure, missed revenue expectations for the fiscal fourth quarter, contributing to a drop in its stock despite strong overall earnings.
Federal Reserve Meeting: The Fed is anticipated to maintain current interest rates at its Wednesday meeting, with potential rate cuts hinted for September. Markets are already pricing in a high probability of future rate reductions.
Meta’s Settlement: Meta agreed to a $1.4 billion settlement with Texas over the use of biometric data from millions of residents, related to its facial recognition technology.
Stellantis Layoffs: Stellantis is offering voluntary buyouts to non-union employees and may resort to involuntary layoffs if necessary. The company has previously reduced its workforce significantly.