FX.co ★ US Stocks Erase Losses

U.S. stocks experienced an upswing on Thursday, building upon the gains from the previous day, as investors evaluated the current economic landscape amidst challenges posed by tariffs and reduced government spending. The three major indices rose by approximately 0.3%. This upward momentum followed a significant rise during the previous session when the Federal Reserve kept interest rates steady, aligning with expectations. Fed Chairman Jerome Powell tempered inflation concerns linked to President Trump's tariffs by describing their effects as temporary. However, the Federal Open Market Committee's (FOMC) projections indicated a downward revision in economic growth and an increase in unemployment, prompting the markets to anticipate three interest rate cuts by the Fed this year. This outlook slightly contrasts with the FOMC's forecast of two rate cuts after the latest announcement. Among the top performers, Meta saw an increase of 2.7%, with Eli Lilly, Nvidia, and Amazon each posting gains of over 1%. Conversely, PDD's U.S.-listed stocks fell after the company failed to meet its sales targets. Furthermore, Micron and Nike were scheduled to release their earnings reports following the market close.