Big Tech Shock and Oil Price Surge: NYSE Shaken After Fed's 'Hold'

On the 29th in New York, stock indexes closed mixed. The S&P 500 fell 0.1%, the Nasdaq slid 0.7%, and the Dow rose 0.1%. After the Federal Reserve left its benchmark rate unchanged at 3–3.75% the previous day, weekly initial jobless claims came in at 209,000—slightly above forecasts but still at historically low levels—supporting hopes for a soft landing. Nevertheless, headwinds from growth-stock earnings pressured the broader market.

Big-tech results drove much of the volatility. Microsoft shares plunged 10% despite strong results, as investors fretted over slowing cloud growth, deepening the Nasdaq’s decline. In contrast, Meta jumped 10% on signs that its AI investments are boosting ad revenue, while Tesla fell over 3% after unveiling plans to slim its model lineup and ramp up spending on robotics. After-hours, Apple beat sales and profit estimates, lifting its stock modestly and positioning its report as a key barometer for growth-stock sentiment tomorrow.

Global developments added further swings. Hawkish U.S. rhetoric on Iran sent WTI crude above $65 per barrel—a roughly 4% gain—and gold prices climbed toward $1,400 per ounce as safe-haven demand strengthened. Energy stocks benefited, but rising oil stoked fears of renewed inflation and could curb hopes for Fed rate cuts. Political pressure also mounted after President Trump pledged in Davos to shield home values while lowering mortgage rates. As a result, the interplay of monetary and fiscal policy will likely be a central driver of market volatility in the quarters ahead.