Finance

An divergent corporate landscape emerged within the Magnificent Seven as Microsoft and Meta Platforms reported opposing quarterly outcomes. Microsoft shares jumped after delivering a better-than-expected profit and reassuring cloud performance that calmed artificial intelligence spending fears, while Meta shares tumbled amid rising infrastructure expenses that threatened its future free cash flow.

Second-quarter gross domestic product grew at an annualized rate of 1.5%, down from the first quarter and falling short of economist expectations for 1.8% expansion. While the headline figure was dragged down significantly by a widening trade deficit, underlying economic pillars remained robust due to solid consumer spending and substantial business expenditures in AI network upgrades.

The cryptocurrency market remained largely stable, with Bitcoin trading slightly higher after finding footing following the Federal Reserve's rate announcement. Prices for major digital assets showed resilience relative to the high volatility seen in equities, though macro factors like global geopolitical tensions continue to keep digital asset investors in a cautious stance.