S&P 500 ticks higher after Meta soars on earnings, but Microsoft dive limits gain: Live updates

The S&P 500 ticked higher on Thursday as traders mulled over the release of earnings reports from major technology firms as well as the latest Federal Reserve interest rate decision.

The broad market index advanced 0.1%, while the Dow Jones Industrial Average advanced 16 points. The Nasdaq Composite fell 0.1%.

Meta Platforms jumped 9% after the Facebook parent gave a stronger-than-expected first-quarter sales forecast. Fellow “Magnificent Seven” member Tesla shares saw gains as well, climbing 1.6% after the company’s fourth-quarter results beat expectations.

However, the broad market gains were kept in check by Microsoft’s 10% fall, which would be its worst one-day slide since March 2020. That megacap tech name reported that cloud growth slowed in the fiscal second quarter. The company also issued soft guidance on operating margin for the fiscal third quarter.

Investors are now turning their attention to Apple, which is set to report earnings after the bell Thursday.

Elsewhere in earnings, Caterpillar shares were up more than 1% after the industrial giant reported fourth-quarter results that easily beat the Street.

Stocks are coming off a flat session after the S&P 500 briefly topped the 7,000 threshold after the Fed kept its benchmark interest rate at a range of 3.5% to 3.75%.

In its post-meeting statement, the policy-setting Federal Open Market Committee said that indicators are suggesting that “economic activity has been expanding at a solid pace” and that the unemployment rate “has shown some signs of stabilization.” Still, fed funds futures trading are still pricing in two quarter percentage point cuts by the end of 2026, according to the CME FedWatch Tool.

“The Fed statement was largely as expected, and markets tend to move on surprises,” said Sameer Samana, Wells Fargo Investment Institute head of global equities and real assets. “We are looking to earnings and economic data to drive the next leg higher, but also would not be surprised to see some midterm-elections related volatility in 2026.”

Safe-haven demand among investors has continued to rise, with gold and silver prices surging to fresh highs Thursday. Gold futures were up 4%, while silver futures advanced 5%.