The day after the Federal Reserve decided to hold rates steady saw traders shifting their focus back to Corporate America, with stocks falling amid a slew of results. Small moves in bonds and the dollar contrasted with a surge in commodities from gold to oil.
More than 300 shares in the S&P 500 advanced, but the gauge lost steam as most megacaps retreated. The Nasdaq 100 dropped about 1%. Microsoft Corp. sank 10% on concern it could take a while for its investments to pay off. Meta Platforms Inc.’s solid outlook eased worries about spending plans on AI. Apple Inc. reports results later Thursday.
The world’s largest tech firms show no signs of easing up on artificial-intelligence spending. That’s even as doubts persist about the staying power of artificial intelligence demand to justify all that capital.
After an uneventful batch of economic data, bonds remained mildly lower. The dollar resumed its losses, heading for its worst month since the tariff meltdown in April.
Gold topped $5,500. Brent hit $70 after President Donald Trump warned Iran to make a nuclear deal or face military strikes.
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