After hours, Dow Jones futures, S&P 500 futures, and Nasdaq futures all saw a slight rise. Carvana (CVNA) and Qualcomm (QCOM) released strong earnings reports on Wednesday evening.
The stock market rally experienced a turbulent afternoon, with major indexes surging after the Fed announced a slowdown in balance sheet reductions. However, gains were trimmed in the final hour, leading to a mixed closing.
AI stocks faced challenges as Advanced Micro Devices (AMD) and Super Micro Computer (SMCI) reported disappointing earnings, causing share prices to drop. Nvidia (NVDA) managed to recover slightly but still closed lower.
Qualcomm, DoorDash (DASH), Sprouts Farmers Market (SFM), and Carvana published their earnings after the market closed. Novo Nordisk (NVO) is set to report earnings early Thursday, followed by Apple (AAPL) after Thursday’s close.
The Federal Reserve opted to keep rates steady and announced a reduction in balance sheet runoff starting in June, signaling a de facto easing. Although Powell acknowledged a delay in cooling inflation, he reassured that inflation should decline by year-end.
Watchlists should be updated, and exit strategies must be in place given the uncertainty in the market. Investors should remain cautious and await clear signs of strength before making any aggressive moves. Stay informed about market trends and leading stocks by following reliable sources for updates.
