Fed hold and statement
The Fed held rates at 4.25%-4.50% as expected. Its statement called inflation somewhat elevated and dropped its earlier reference to progress toward the 2% goal.
Jan 29, 2025 · QQQ/SPY Market Review · 38 headlines
Fed rate hold and megacap results: QQQ edges up as SPY slips
QQQ edged up 0.05% while SPY fell 0.24%, leaving QQQ ahead by 0.29 percentage points through the following overnight session. The Fed held its policy range at 4.25%-4.50% and omitted earlier language on inflation progress. After the close, Microsoft beat overall earnings and sales estimates but its cloud revenue missed expectations. Tesla missed earnings and sales estimates, while Meta beat quarterly estimates. Officials discussed tighter restrictions on Nvidia sales to China. An earlier report of a federal-aid freeze reversal was later clarified as withdrawal of the OMB memo, not the underlying policy.
Published
- QQQ
- +0.05%
- SPY
- -0.24%
- QQQ − SPY
- +0.29%
What shaped the session
Mixed megacap earnings
Microsoft's overall EPS and sales beat estimates, but a later report said cloud revenue missed. Tesla missed EPS and sales estimates, while Meta's EPS and revenue topped estimates.
Policy uncertainty
Officials discussed tighter Nvidia-China sales curbs. Separately, the White House clarified that its federal-aid freeze memo was rescinded but the underlying policy was not.
Key news
Loading the full-day price curve…