stock market news today: Meta leads rally in tech sector

US stocks were mixed at the open Thursday, while the Nasdaq Composite added to strong gains a day earlier led by Mark Zuckerberg's Meta.

Tech stocks rallied, with Meta up 20% on news of cost cutting measures after a $13.7 billion loss on investments in its Reality Labs project. The company plans to significantly reduce spending and increased a stock buyback plan by $40 billion. Meanwhile, Federal Reserve raised benchmark interest rates by 25 basis points on Wednesday, which met expectations. Chairman Jerome Powell also gave investors some reason to be optimistic by asserting"that the disinflationary process has started."

But he also cautioned that rates would remain"restrictive" in order to properly tame price pressures, and added that assuming victory in the inflation fight would indeed be"premature." The latest rate hike brings the fed funds rate to a target of 4.5%-4.75%.

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Meta stock spikes nearly 20% as cost cuts and $40 billion for investors overshadow earnings missMeta shares soared in after-hours trading Wednesday despite an earnings miss, as the Facebook parent company guided for potentially more revenue than Wall Street expected in the new year and promised more share repurchases amid cost cuts.
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