He possesses an abundance of technological resources. The Nasdaq rose Thursday morning as Facebook’s parent company, Meta Platforms, reported better-than-anticipated earnings, while markets digested the most recent round of central bank interest rate hikes.
Meta climbed over 20 percent after posting a smaller-than-anticipated decline in yearly sales, as the company disclosed that the number of daily Facebook users surpassed two billion for the first time.
The findings boosted shares of Apple, Amazon, and Alphabet, the parent company of Google, which all report earnings Thursday evening.
In around thirty minutes of trade, the tech-heavy Nasdaq Composite Index rose 1.9% to 12,042.91.
The Dow Jones Industrial Average decreased by 0.6% to 33,877.41, while the S&P 500 fell by 0.7% to 4,146.91.
The European Central Bank increased interest rates once more and suggested that it will “stay the course” in its monetary policy tightening, while the Bank of England increased rates for the tenth consecutive time.
The moves follow the Federal Reserve’s Wednesday announcement of a quarter-point interest rate increase. This signified a decrease following a sequence of sharper climbs.
Investors applauded the Fed’s decision, perceiving Fed Chair Jerome Powell’s news conference remarks as less aggressive than anticipated and indicative of an upcoming policy shift.
»Technology stocks jump as the market digests Meta outcome«