Market Rally:
Major indexes closed higher on Wednesday.
S&P 500 gained 1.58%, Nasdaq Composite jumped 2.64%, and Dow Jones Industrial Average rose 0.24%.
Megacap tech stocks, including Nvidia, Apple, Meta Platforms, and Amazon, surged.
Federal Reserve Holds Rates:
Fed officials decided to keep short-term interest rates steady.
Chairman Jerome Powell hinted at potential rate cuts in September if inflation continues to ease.
Meta's Strong Earnings:
Meta Platforms exceeded Wall Street expectations with Q2 earnings of $5.16 per share on $39.07 billion revenue.
For Q3, Meta forecasts revenue between $38.5 billion and $41 billion.
Ackman Withdraws IPO Plans:
Bill Ackman canceled Pershing Square USA's IPO due to low investor demand but plans to revise and relaunch.
Boeing CEO Change:
Boeing announced Robert “Kelly” Ortberg as the new CEO, replacing Dave Calhoun effective August 8.
The leadership change follows a series of company challenges, including a Boeing 737 Max 9 incident.
Major indexes closed higher on Wednesday.
S&P 500 gained 1.58%, Nasdaq Composite jumped 2.64%, and Dow Jones Industrial Average rose 0.24%.
Megacap tech stocks, including Nvidia, Apple, Meta Platforms, and Amazon, surged.
Federal Reserve Holds Rates:
Fed officials decided to keep short-term interest rates steady.
Chairman Jerome Powell hinted at potential rate cuts in September if inflation continues to ease.
Meta's Strong Earnings:
Meta Platforms exceeded Wall Street expectations with Q2 earnings of $5.16 per share on $39.07 billion revenue.
For Q3, Meta forecasts revenue between $38.5 billion and $41 billion.
Ackman Withdraws IPO Plans:
Bill Ackman canceled Pershing Square USA's IPO due to low investor demand but plans to revise and relaunch.
Boeing CEO Change:
Boeing announced Robert “Kelly” Ortberg as the new CEO, replacing Dave Calhoun effective August 8.
The leadership change follows a series of company challenges, including a Boeing 737 Max 9 incident.