Wall Street’s unstoppable run hits new peaks—Dow closes at 47,544, S&P 500 blasts to 6,875, Nasdaq rockets 1.9% to 23,637—but tomorrow’s Fed decision and Big Tech earnings tsunami could make or break the party.
S&P 500 notches 35th record close of 2025 after 83-87% earnings beats fuel euphoria. Nasdaq’s AI darlings—Qualcomm +11% on AI chip hype—propel the tech-heavy index. Dow cracks 47K for first time ever.
Tomorrow’s Fed fireworks (2 PM ET): 98% odds of 25 bps cut to 3.75-4%—second straight slash after September’s dovish pivot. Powell’s 2:30 PM presser steals the show: QT end signals? December cut odds? Markets crave dovish tone amid shutdown data blackout, 4.3% unemployment, cooler CPI.
Big Tech earnings blitz (~$15T market cap on deck):
- Wed post-close: Microsoft (AI/cloud capex), Meta ($49.4B rev YoY +22%), Alphabet ($100B rev +13%)
- Thu: Amazon ($174-180B rev), Apple (iPhone 17 sales, $4T cap chase)
Spotlight: AI spending ROI. Capex exploding—MSFT $20B/Q, Meta $66-72B/Y—but profit growth slows to 14%. Beats = melt-up. Misses/weak guidance = rotation to small-caps.
X ablaze: @Kalshi: “98% rate cut lock!” (2.7K likes). @Ashcryptoreal: “Dovish Powell = crypto moon.” Traders eye QT pivot for liquidity tsunami.
U.S. investors: $17B content/AI boom at stake. Soft landing intact—83% S&P beats—but tariffs/shutdown lurk. Bull case: Cuts + beats = S&P 7,000. Bear: Hawkish Powell = 5% pullback.
Fed decision, Big Tech earnings—records or reality check? Buckle up.
By Sam Michael
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