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Stocks erased early gains Thursday and turned negative, even as hopes built that the Federal Reserve is done hiking rates this year and techs got a boost from a rally in Meta (META) post-earnings.
Around 3 p.m. ET, the tech-heavy Nasdaq Composite (^IXIC) slipped 0.5%, down from a more than 1% gain early in the session. The Facebook parent’s shares surged after its second quarter earnings beat Wall Street estimates.
The S&P 500 (^GSPC) was down 0.6% as investors took in another heavy day of earnings. And the Dow Jones Industrial Average (^DJI) lagged 0.5% as the index looked to extend its win streak to 14 sessions, which would be the longest in over a century.
The Fed’s interest rate rise on Wednesday didn’t rock the boat, given it was widely expected. But one issue is still in focus: when another increase is coming. Chair Jerome Powell said the Fed hasn’t made any decision on whether to hike in September — when its next meeting takes place — and some optimism is growing that it could mean no more this year.
Early Thursday, the government reported that GDP rose at a quicker pace than economists expected in the second quarter of the year.
Plus, there’s another heavy day of quarterly results ahead, with McDonald’s (MCD) reporting strong results. Other highlights are Mastercard (MA), Southwest (LUV), Ford (F), and Intel (INTC).
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