Wall Street Rally: Gold Glitters Amid Mixed Tech Earnings and Fed Decisions
Wall Street shares surged as favorable earnings from Meta and reactions to Microsoft's outlook influenced investor sentiment. The Federal Reserve maintained interest rates, leading to a weaker dollar and boosting gold prices. Economic indicators suggest gradual changes, with global trade concerns impacting financial markets.
![Wall Street Rally: Gold Glitters Amid Mixed Tech Earnings and Fed Decisions](https://devdiscourse.blob.core.windows.net/aiimagegallery/10_07_2024_21_58_17_648699.png)
Wall Street shares experienced a notable rally on Thursday, driven by investor enthusiasm over earnings from Meta and a cautious outlook on Microsoft, while the dollar's decline further elevated gold prices.
The Federal Reserve's decision to keep interest rates steady, as anticipated, contributed to the dollar's drift, benefiting gold as U.S. stock markets opened. Investors are keenly observing the AI expenditure strategies of major tech firms amid the rise of budget-friendly Chinese startup DeepSeek.
Meanwhile, Microsoft's positive quarterly revenue was overshadowed by subdued projections for its cloud business, causing a 6% fall in its shares. In contrast, Meta's cost-cutting initiatives helped its stock rise despite forecast shortcomings. The economic landscape reflects robust, yet slowing, U.S. growth prospects, hinting at only a gradual interest rate reduction by the Fed this year.
(With inputs from agencies.)
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