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Big Tech Boosts Wall Street, Overshadows Fed Uncertainty – Markets

Big Tech Boosts Wall Street, Overshadows Fed Uncertainty – Markets

North American stock markets closed in value, driven by the accounts of major technology companies and in a context in which the US Federal Reserve decided to keep interest rates unchanged. Although inflation is far from the 2% target, Fed Chairman Jerome Powell described the country's “uncertain path” but ruled out another increase in key interest rates. But the expected cuts have been postponed.

“they [a Fed] They are not willing to raise interest rates. “They will keep it stable, and at any sign of economic weakness or low inflation, they will be ready to attack and lower interest rates.”

Murphy and Sylveste to Reuters.
The benchmark Standard & Poor's 500 index advanced 0.91% to 5,064.20 points, and the tech-heavy Nasdaq Composite index rose 1.51% to 15,840.96 points. After the gains, the Dow Jones Industrial Average rose 0.85% to 38,225.66 points.

Among the main movements in the market, Qualcomm stands out, which ended the session higher by 9.74% to… 180.10 Dollar, after presenting quarterly accounts and profits higher than those expected by Washington. The semiconductor manufacturer reported revenue of $9.39 billion, compared to expectations of $9.34 billion.

The highlight was Carvana. The best quarterly results in the history of the used car sales company saw a rise of 33.77% to 116.50 dollar. Profits were about $400 million higher than Washington had expected.

Despite the encouraging results, with more than 77% of companies in the S&P 500 that actually filed accounts recording profits above expectations, they have not been rewarded as much as they were in the past. “The common theme in this quarter is that companies that exceed expectations do not receive as large a reward as in previous quarters,” Nolte told Reuters. “Companies that fail to do so will be destroyed.”

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DoorDash, an online food ordering and delivery platform, fell by 10.34%, after the company forecast lower-than-expected profits for the current quarter. Billiton shares fell by 2.48%, after the CEO resigned and the company announced a 15% reduction in its workforce.

Investors are now awaiting Apple's results, which will be revealed on Thursday. The report on the employment situation in April in the United States of America, which was presented on Friday.