Welcome to Markets Desk, here's what's moving the tape this afternoon.
The Federal Reserve held rates steady today, with Chair Kevin Warsh reaffirming the central bank's commitment to bringing inflation back to target. Markets had fully priced in the pause, so the real read-through here is on timing — traders are watching Warsh's language closely for any signal on when the next cut, or hike, might actually come.
Turning to tech, it is a heavyweight evening for earnings with both Alphabet and Microsoft reporting after the bell. Alphabet faces consensus expectations of one hundred twenty eight point two billion dollars in revenue, up twenty-five percent year over year, with adjusted earnings of three dollars and two cents per share. Microsoft, meanwhile, will break new ground by reporting Azure revenue in dollars for the first time, as Wall Street scrutinizes AI infrastructure spending and free cash flow discipline.
And a striking development in biotech — Moderna and Merck released promising trial data on their joint melanoma vaccine, with doctors calling the results genuinely encouraging. Yet Moderna's stock shed over seventeen percent on the news, one of its worst single sessions on record. The market's reaction reflects deep skepticism about commercialization costs and the long road from trial results to revenue.
That's the tape. Markets Desk, signing off the floor.
