Stocks Retreat as Powell Signals No March Rate Cut; Tech Giants Slide Despite Strong Earnings
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US stocks retreated after Powell suggested Fed may not cut rates in March. Tech stocks like Microsoft, Alphabet, and AMD declined over 1%.
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Powell said cutting rates in March is "probably not the most likely case." Markets had priced in over 60% odds of a March cut before the meeting.
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Earnings reactions disappointed for Microsoft, Alphabet, and AMD despite showing strong growth numbers. Investors seemed to price in perfection.
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Homebuilder M/I Homes reported a drop in Q4 home closings but a jump in new orders, showing optimism in housing market.
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Media mogul Byron Allen bid $14.3 billion for Paramount Global, sending the stock up over 10%. He plans to sell parts like the movie studio.