On Wednesday, Wall Street was abuzz with a number of market-moving news and events that had traders and investors on their toes. From earnings reports to economic data releases, here is a roundup of all the chatter that had an impact on the markets.
First up, we had a slew of earnings reports from some of the biggest companies in the U.S. tech sector. Apple, Facebook, and Microsoft all reported better-than-expected earnings, sending their stocks soaring in after-hours trading. Apple reported a 54% increase in revenue, driven by strong iPhone sales, while Facebook’s revenue jumped 48% thanks to a surge in advertising revenue. Microsoft also posted strong earnings, with revenue up 19% as its cloud computing business continued to grow.
Another major event that had an impact on the markets was the release of the Federal Reserve’s latest policy statement. The Fed announced that it would keep interest rates unchanged, as expected, but also indicated that it may start tapering its bond-buying program later this year. This news caused some volatility in the markets, as investors tried to gauge the potential impact of a reduction in stimulus measures on the economy.
In economic news, the latest data on U.S. durable goods orders came in below expectations, with a 0.8% decline in June. This was seen as a sign that the economic recovery may be losing momentum, as businesses cut back on spending amid supply chain disruptions and rising input costs.
Meanwhile, investors were also keeping a close eye on the ongoing debate in Washington over the infrastructure spending bill. Democrats are pushing for a $3.5 trillion package that includes investments in areas like healthcare, education, and climate change, while Republicans are calling for a smaller, more targeted bill. The outcome of this debate could have significant implications for the markets, as investors weigh the potential impact of increased government spending on inflation and interest rates.
Overall, Wednesday was a busy day on Wall Street, with a number of market-moving events and developments keeping traders on their toes. As we head into the rest of the week, investors will be closely watching for any further updates on earnings, economic data, and government policy that could impact the markets.