S&P 500 (SNPINDEX:^GSPC) slipped 0.01% to 6,978.03 today in muted post-Fed trading. The Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.17% to 23,857.45 near record territory, and Dow Jones Industrial Average (DJINDICES:^DJI) inched up 0.02% to 49,015.60.
Earnings disappointment hit industrials as water solutions and software company Badger Meter (NYSE:BMI) dropped 11.00% to $146.32 after a revenue miss. Megacap earnings are in the spotlight, with results from Meta (NASDAQ:META), Microsoft (NASDAQ:MSFT), and Tesla (NASDAQ:TSLA) today. Tesla reported after market close, beating estimates but with a decline in revenues.
Meanwhile RBC reiterated its “Outperform” rating on Intuit (NASDAQ:INTU), suggesting its recent pullback could be a buying opportunity. C3.ai (NYSE:AI) rose 4.21% to $13.13 on merger headlines.
As expected, the Federal Reserve did not cut interest rates today, holding the benchmark at a range of 3.5%-3.75%. Speaking after the decision, Fed Chair Jerome Powell pointed to an improving economic outlook and a stabilizing unemployment rate. CME FedWatch now estimates there will be two rate cuts this year, with analysts leaning toward a first cut in June.
Nasdaq rose slightly ahead of this week’s artificial intelligence (AI) and megacap earnings. Meta surged in after-hours trading after beating analyst expectations. Microsoft slipped in spite of better-than-expected results, potentially because of investor concerns about high AI spending. Apple (NASDAQ:AAPL) will report tomorrow.
Results from top tech companies will give investors a better understanding of how the AI market is developing, particularly as fears of elevated prices spark talk of a 2026 correction.
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