Top Financial News Today Tuesday July 25, 2023

2023-07-26 03:53 Dot Marigold Vance

Read the article to get updated on the hottest financial news of the day!

Top stocks news

Mega-cap tech stocks were among the biggest movers in extended trading following their respective earnings reports. Google-parent Alphabet rose more than 6% as cloud revenue growth helped propel the company to a better-than-expected quarter. On the other hand, Microsoft slid more than 3% after reporting slowing cloud revenue growth. Outside of Big Tech, Snap tumbled 19% in after-hours action after giving weak guidance for current-quarter performance.
Futures tied to the S&P 500 traded near flat Tuesday night as investors parsed a batch of corporate earnings from major technology names and geared up for Wednesday’s interest rate policy decision. S&P 500 futures were little changed, while Nasdaq 100 futures slid 0.2%. Futures tied to the Dow Jones Industrial Average slipped 42 points, or 0.1%.
Elon Musk officially changed Twitter’s famous bird logo to an “X” in his bid to make the service into “the everything app.” Musk’s goal is to transform X into a “super app” which was pioneered in China and has taken off in other parts of Asia.

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Wall Street notched a winning day on Tuesday as investors reviewed the latest earnings and made adjustments with the Fed decision on the horizon. After eking out a gain just shy of 0.1%, the Dow clinched its 12th-straight winning session, a length not seen since for the blue-chip average since February 2017. The S&P 500 and Nasdaq Composite finished about 0.3% and 0.6% higher, respectively.
U.S. Treasury yields were higher Tuesday as investors awaited the Federal Reserve’s interest rate decision and assessed the outlook for monetary policy decisions from central banks around the world. The 10-year Treasury yield was trading more than 2 basis points higher at 3.886%. The 2-year Treasury yield was also up more than 3 basis points at 4.872%.

The cryptocurrency market has experienced selling pressure. "Inflation and rate concerns could be what [has been] keeping crypto prices depressed," said Noelle Acheson. Bitcoin (BTC) was stuck just below $30,000 early in Wednesday as investors awaited the likely resumption of the U.S. Federal Reserve's rate-hike campaign.
Dogecoin (DOGE) surges 9% after cryptic Elon Musk tweets link DOGE and X. The Twitter CEO tweeted a promo of the social media site's new logo, originally shared by a Dogecoin designer. Musk appears to have also added the Dogecoin symbol to the location field in his Twitter bio.
EDX Markets Crypto Exchange taps Talos to broaden reach. Talos will develop a front-end system for EDX that better connects the latter’s clients to liquidity, crypto custodians, and other trading tools.
Former CFTC Chair, Timothy Massad, advocates stablecoins as a Crypto-Real World bridge. Massad insists that stablecoins can expedite payment systems and urges the U.S. to consider the development of its own stablecoin.
Worldcoin (WLD) users queue up for iris scans in exchange for a digital ID and the promise of free cryptocurrency, shrugging off concerns among privacy campaigners and data regulators.