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Solid Tech Earnings Bouyed Stocks After Volatile Fed Session | Closing Bell
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July 30, 2025
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10:48Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.
Disappointment the Federal Reserve steered clear of signaling imminent rate cuts unnerved bond traders, sending 10-year yields to the biggest runup in two weeks. Smaller declines in stocks were quickly reversed in late hours as Microsoft Corp. and Meta Platforms Inc. reported solid earnings.
An initially calm investor reaction was broken when Fed Chair Jerome Powell said no decision has been made about easing policy in September. The US labor market “looks solid,” he said, while inflation remains above target, statements traders interpreted as working against the case for an imminent rate cut.
he S&P 500 fell 0.1% Wednesday. US two-year yields climbed seven basis points to 3.93%. While the concerted pullback in stocks and bonds looked mild, it marked the worst Fed day since December. The dollar rose for a fifth straight session, the longest advance since February. Copper tumbled as President Donald Trump exempted the most widely imported form of copper from his planned tariffs.
While Trump has pressed for an immediate rate cut, investors in risk assets have largely tempered expectations for a Fed pivot anytime soon. Instead, they’re leaning on resilient economic growth, an AI-fueled earnings boom, and the belief that tariffs will only trigger manageable goods inflation while leaving services inflation contained.
And even though declines in stocks and bonds reflected revisions to market expectations, they came amid another deliberate effort by Powell to characterize the the central bank as in a good position to assess the economy as it develops. Even as both he and the Fed’s communique signaled a slight slowdown in growth, Powell repeatedly said policy makers have ample time to assess the impact of Trump’s evolving tariff policy and other data going forward.
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