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Daily Fundamental Analysis: Fed Holds Rates Steady as Expected. Alphabet Shares Tumble 10% Following Earnings
US stock futures were mixed on Thursday as investors reacted to major technology earnings. Nasdaq-100 futures fell 1.4%, while S&P 500 futures declined 0.5%, although Dow futures rose 0.3%.
Microsoft gained 3% after beating earnings expectations, supported by strong Azure cloud growth, while Alphabet plunged around 10% after missing forecasts and reporting negative free cash flow of $9 billion, reigniting concerns over the cost of AI investments.
The Federal Reserve held interest rates steady at 3.75%–4%, as expected, while signaling patience amid persistent inflation. Policymakers left the door open to further tightening, pending incoming economic data. Investors now await September’s PCE inflation report, third-quarter GDP, and weekly jobless claims for clues on the Fed’s next move.
Samsung Electronics reported a sharp rise in third-quarter earnings. Strong demand for advanced memory chips used in AI applications continued to support its performance.
Gold fell below $4,050 on Thursday as a stronger US dollar and hawkish Federal Reserve signals weighed on the precious metal. Markets priced in roughly an 80% chance of a rate hike in December.
Escalating Middle East tensions, including concerns over possible US military action against Iran and attacks on Saudi oil infrastructure, are supporting the dollar’s safe-haven appeal and raising energy-driven inflation concerns.
Gold buying by central banks has hit its highest rate since 2024.
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