MARKET RECAP

Yesterday: Stocks fell Wednesday, with the S&P 500 and Nasdaq declining as real estate and technology stocks led losses after the Fed held rates steady. Bond yields edged higher, while investors turned their attention to upcoming earnings from major tech companies.

On Our Radar: Following a review of this morning’s initial jobless claims, analysts will next turn to the upcoming pending home sales report. On the earnings front, Apple’s results will likely dominate proceedings.

TOP STORY

Fed Holds Interest Rates Steady, Halts Streak Of Consecutive Cuts, Says Inflation Remains ‘Elevated’

The Federal Reserve held interest rates steady, signaling patience as inflation remains above target and economic growth stays resilient.

Explore what this means for markets — and how investors can position for the road ahead.

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FIVE ZINGERS

Mixed Outing: EV leader Tesla posted Q4 results after Wednesday's close, generating $25.71 billion in sales, which was up 2% YOY but missing analysts' estimate. Still, read why management is optimistic.

Cloudy Weather: Microsoft posted its fiscal Q2 results, beating on both the top and bottom lines. However, a shortfall in the company's cloud revenues appears to have hurt sentiment.

Paid Out: Meta Platforms agreed to a $25 million settlement with President Trump over his suspension from Facebook and Instagram. Hear what Meta CEO Mark Zuckerberg had to say on the pivoting relationship.

Caffeine Boost: Shares of Starbucks popped sharply higher on Wednesday following an upbeat fiscal Q1 earnings report. Discover the analysts pounding the table on SBUX stock.

Chipping In: Lam Research posted its fiscal Q2 results to much enthusiasm, with the semiconductor specialist beating on both earnings and sales. Here's why the company is excited about the future.

SPECIAL OFFER

C-Suite Buy Of The Week: Investment Potential In Regional Banking And Energy

Editor’s Note: Every Thursday, Benzinga Edge members receive the C-Suite Buy of the Week, a report by Tim Melvin detailing the insider buying that, unlike most, is actually worth paying attention to. Here’s a sneak peek at last week’s:

It is all true.

The market is priced at ridiculous levels.

The current multiples of earnings, cash flow, assets and dividends of the S&P 500 (SPY) imply that we live in a perfect world and perfection will continue to grow at a double-digit rate.

We do not live in a perfect world.

The bond market, usually the far brighter and less emotional market, has been showing great concern and a smudge of outright fear in recent weeks. It has reentered a downtrend even as stocks went higher.

Should we just sell and hide under a rock on top of a mountain somewhere until the headlines improve?

Probably not.

If we have learned nothing else, it is that markets can remain irrational, unrealistic and overpriced for a very long time.

What we can do is become cautious.

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