Dow and Nasdaq set for flat start after mixed tech earnings

• The Fed held rates steady with 'broad support' among policymakers after three cuts last year, with only two members voting for an immediate reduction
• After-hours earnings showed Microsoft's slowing cloud momentum, Meta's record revenues easing AI investment concerns, and Tesla pivoting focus to AI and robotics including its humanoid Optimus project
• Gold posted its strongest single-day gain since early 2020, rising 4.9% Wednesday and climbing another 2.4% in Asian trading to nearly $5,600 per ounce before retreating

Market Summary: Dow and Nasdaq Set for Flat Start After Mixed Tech Earnings

Market Opening Outlook:

US stock futures pointed to a muted Thursday open, with S&P 500 futures up just 0.1% and both Dow and Nasdaq futures indicating gains below 0.1%. The previous session saw minimal movement: the Nasdaq rose 0.2% to 23,857, the Dow climbed 12 points to 49,016, and the S&P 500 dipped slightly to 6,978 after briefly crossing the 7,000 milestone. The Russell 2000 declined 0.5% to 2,653.

Federal Reserve Decision:

The Fed held interest rates steady, with Chair Jerome Powell noting "broad support" among policymakers for maintaining current levels following three cuts last year. Only two members favored an immediate reduction. Markets showed minimal reaction to the announcement.

Key Tech Earnings:

• Microsoft: Reported slowing cloud momentum, disappointing investors
• Meta Platforms: Delivered record revenues, easing concerns over substantial AI investment. CEO Mark Zuckerberg highlighted an AI-driven growth "wave"
• Tesla: Exceeded Q4 forecasts with improved margins despite falling vehicle deliveries, shifting strategic focus toward AI and robotics, particularly its Optimus humanoid project

Commodities Movement:

Gold experienced its strongest single-day gain since early COVID pandemic, surging 4.9% on Wednesday, followed by an additional 2.4% rise in Asian trading to nearly $5,600 per ounce before retreating.

Currency Markets:

The dollar remained stable after Treasury Secretary Scott Bessent reaffirmed the "strong dollar policy," countering earlier mixed signals from President Trump.

Upcoming Events:

Apple reports earnings after Thursday's close; Nvidia results expected in late February.