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The US stock market ended Wednesday on a mixed note, as investors awaited key earnings reports from major technology companies and digested the Federal Reserve's decision to maintain its benchmark federal funds rate at current levels.
The S&P 500 slipped 2pts (-0.04%) to 7135 while the Dow fell 280pts (-0.57%) to 48861. On the other hand, the Nasdaq 100 rose 157pts (+0.58%) to 27186.
On the sector front, the outperforming sectors were Energy (XLE), Technology (XLK), and Financials (XLF) while Utilities (XLU), Materials (XLB), and Health Care (XLV) underperformed the most.
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U.S. Economic Developments: |
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The Federal Reserve kept the Fed funds rate steady at 3.50%-3.75%, in line with market expectations. In a notable announcement, Fed Chair Powell stated that he will remain on the Federal Reserve's board of governors beyond his current term as chair, which expires on May 15. Additionally, a significant dissent was recorded, with four out of 12 officials voting against the rate decision, marking the highest level of dissent at a policy meeting since 1992.
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Seagate Technology (STX) soared 11.10% after issuing upbeat guidance for the current quarter and reporting quarterly financial results that exceeded expectations.
NXP Semiconductors (NXPI) skyrocketed 25.55% following a strong quarterly earnings report and optimistic guidance for the current quarter that surpassed analyst estimates.
Robinhood (HOOD) plummeted 13.24% after posting quarterly financial results that fell short of expectations.
Starbucks (SBUX) climbed 8.45% after raising its full-year outlook, beating investor expectations.
T-Mobile US (TMUS) gained 6.13% following an upward revision to its full-year forecast for postpaid net account additions.
Visa (V) jumped 27.21% after delivering quarterly financial results that exceeded analyst estimates.
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At the European close, the major indices in the region finished in negative territory. Germany's Dax fell 63pts (-0.27%) to 23954, France's Cac 40 dropped 31pts (-0.39%) to 8072, and the U.K.'s FTSE 100 slid 119pts (-1.16%) to 10213.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX jumped 0.98pts (+5.5%) to 18.81 while the US 10 year yield climbed to 4.428%.
Precious Metals & Crude:
Precious metals were under pressure, with Gold sliding 50.92 dollars (-1.11%) to 4543.59 while Silver dropped 1.75 dollars (-2.39%) to 71.33.
WTI Crude Oil advanced 8.02 dollars (+8.03%) to 107.95, driven by reports that US President Trump has instructed his aides to prepare for a prolonged blockade of Iran, according to The Wall Street Journal.
The Dollar & Majors:
The dollar index rose 0.33pts (+0.33%) to 98.965.
EUR/USD declined 39pips (-0.33%) to 1.1672.
GBP/USD retreated 44pips (-0.33%) to 1.3472.
USD/JPY rose 81pips (+0.51%) to 160.42.
USD/CHF advanced 25pips (+0.32%) to 0.7916.
AUD/USD fell 64pips (-0.89%) to 0.7116.
USD/CAD slipped 6pips (-0.04%) to 1.3677. The Bank of Canada maintained its interest rate at 2.25%, as expected.
Digital Assets:
Bitcoin declined 726 dollars (-0.95%) to 75743 while Ethereum dropped 52 dollars (-2.28%) to 2243.
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Alphabet (GOOGL) rose in after-hours trading, driven by strong revenue and profit growth that surpassed expectations for the first quarter.
Microsoft (MSFT) declined as its cloud revenue growth failed to meet investor expectations.
Amazon.com (AMZN) remained under pressure, as investors continue to worry about the company's significant CapEx on AI and cloud infrastructure.
Meta Platforms (META) fell in after-hours trading, following an increase in its forecasted capital expenditures for 2026.
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