🚀 Fed Holds on Interest Rates

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The Federal Reserve maintained interest rates at their current levels on Wednesday but indicated that inflation is nearing its target, potentially leading to future rate cuts. Fed Chair Jerome Powell suggested that a rate cut could occur as early as September if inflation continues to ease. Markets are now pricing in cuts in September, November and December of this year following his statements, which also led to a rally for stocks on Wednesday, which was quickly reversed on Thursday. The benchmark rate remains at 5.5%.

2. Meta shares surged 5% on Thursday after the company reported strong earnings that beat Wall Street estimates and provided an optimistic Q3 forecast. Revenue for Q2 grew 22% to $32 billion, with net income soaring 73% to $13.47 billion, driven by a 22% increase in ad revenue from Facebook and Instagram. The company anticipates Q3 revenue of $38.5-$41 billion, above the expected $39.1 billion. Meta's cost-cutting measures, including 21,000 job cuts since 2022, boosted operating income by 58% to $14.9 billion, with margins expanding to 38%, despite expenses including a $1.4 billion facial recognition lawsuit settlement.

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4. Headlines

   1. The markets had their worst day of 2024 yesterday with the major indexes all down nearly 2%.

   2. Losses in the crypto market yesterday erased almost all gains from a strong July.

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