After a strong rebound Thursday, stocks giving back some gains. Amazon and Apple are showing mixed results after earnings. The Bank of Japan left rates unchanged.
Stocks are on track for modest weekly gains, despite a volatile post-FOMC reaction in the bond market. Strong cloud services growth from hyperscalers Amazon and Microsoft has helped offset rising Treasury yields.
In a 9-3 vote, the Fed policy committee chose patience in the face of elevated inflationary pressures, but the dissenting votes raise pressure for a rate hike in September.
Microsoft, Meta, and other AI-linked stocks' earnings may carry more weight than usual amid a chip-led tech sell-off. The Fed meeting also looms with inflation remaining stubborn.
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