Meta Drops 10%, Google Sees Record Surge: Market Updates for Thursday

Market Performance: Wall Street experienced a cautious day with major tech indexes declining, particularly the Nasdaq 100, which fell 0.7% due to mixed earnings reports and comments from Fed Chair Jerome Powell regarding interest rates.

Earnings Highlights: Meta Platforms saw a significant drop of 10% after announcing increased AI-related spending, while Alphabet Inc. surged 4%, marking its seventh consecutive month of gains. Microsoft also fell nearly 3% despite beating analyst expectations.

Geopolitical Developments: U.S.-China trade discussions showed progress, with an agreement to reduce certain tariffs and ease export restrictions on rare-earth elements, providing a rare note of optimism in the geopolitical landscape.

Commodity and Crypto Trends: Gold prices rebounded by 1.8% to $4,000 per ounce, while the U.S. dollar strengthened. Bitcoin continued its decline, dropping about 2% to $108,000, marking its fourth consecutive session of losses.