Stocks Fall on Fed Day as Tech Mixed in Late Hours: Markets Wrap
- Tesla shares advance on pledge to return to growth in 2025
- Microsoft falls after reporting slowing growth in cloud unit
This article is for subscribers only.
Stocks slipped and short-dated bond yields rose, though both pared bigger moves as early concern that the Federal Reserve was growing more worried about inflation got tamped down by Chair Jerome Powell.
In late hours, a $328 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) whipsawed. Tesla Inc. climbed after saying it expects vehicle sales to rise this year after a challenging 2024. Meta Platforms Inc. rallied as its chief offered an upbeat outlook. International Business Machines Corp. soared after projecting strong revenue growth and a jump in AI-related bookings. Microsoft Corp. slid as growth in its cloud-computing business slowed.