Tech Stocks Surge as Meta Shines and Fed's Rate Hike Hopes Soar: Today's Stock Market News

Tech stocks soar as Meta shines & Fed's rate hike hopes rise. Stock market news today: Nasdaq 100 futures surge 1.2%, S&P 500 futures climb 0.6%.

Jul 27, 2023 - 09:15
Jul 27, 2023 - 09:17
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Tech Stocks Surge as Meta Shines and Fed's Rate Hike Hopes Soar: Today's Stock Market News
Tech Stocks Surge as Meta Shines and Fed's Rate Hike Hopes Soar: Today's Stock Market News

The stock market opened strong on Thursday with rising hopes that the Federal Reserve is done hiking rates this year. Tech stocks, led by Meta's (META) post-earnings rally, received a boost. Nasdaq 100 futures soared 1.2%, while S&P 500 futures climbed 0.6%. Dow Jones Industrial Average futures were up 0.1% as it eyes extending its remarkable 14-session win streak, the longest in over a century. Investors are closely watching economic data and a heavy day of earnings reports, including results from McDonald's (MCD), Mastercard (MA), Southwest (LUV), Ford (F), and Intel (INTC).

The stock market showed signs of strength on Thursday as investors welcomed the possibility that the Federal Reserve might not raise rates again this year. Tech stocks, in particular, received a significant boost from Meta's impressive post-earnings performance.

Futures on the tech-heavy Nasdaq 100 surged 1.2%, driven by a remarkable rally in Facebook's parent company, Meta, after its second-quarter earnings exceeded Wall Street estimates.

S&P 500 futures also climbed 0.6%, with investors gearing up for a heavy day of earnings announcements. Meanwhile, the Dow Jones Industrial Average futures only gained 0.1%, aiming to extend its winning streak to 14 sessions, which would be the longest in over a century.

While the recent interest-rate hike by the Federal Reserve on Wednesday was widely expected and didn't cause major disruptions, investors remain focused on the timing of the next increase. Federal Reserve Chair Jerome Powell clarified that no decision has been made yet regarding a potential rate hike in September, the next meeting, sparking optimism that there might be no further rate hikes this year.

The market will closely watch economic data set to be released later on Thursday, as Powell emphasized that the central bank will use this information to guide its policy-making decisions. The upcoming data includes readings on GDP, personal consumption, jobless claims, and pending home sales.

Additionally, Thursday is packed with a heavy schedule of quarterly earnings reports, including highly anticipated results from McDonald's (MCD), expected to show a sharp increase in sales. Other key highlights include Mastercard (MA), Southwest (LUV), Ford (F), and Intel (INTC).

Overall, the stock futures market experienced a positive surge on Thursday, with tech stocks leading the way thanks to Meta's impressive earnings performance. Nasdaq 100 futures jumped 1.24%, S&P 500 futures rose 0.58%, and Dow Jones Industrial Average futures climbed 0.08% before the opening bell.

Also Read: Live News Coverage: Wall Street Faces Mixed Earnings Reports and Anticipates Fed Rate Decision

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