ASX to slip as Fed disappoints; Microsoft, Meta jump

Australian shares are poised to fall. US equities tumbled sharply after Federal Reserve chairman Jerome Powell signalled he’s unconvinced of a pressing need to cut rates.

The S&P 500, coming off its best streak of gains since 2020, is about to enter what has historically been its toughest stretch of the year. After opening higher and reversing into negative territory, the benchmark ended marginally lower.

Both Microsoft and Meta Platforms reported quarterly results that propelled their respective shares sharply higher after the closing bell. Microsoft rallied more than 7 per cent, Meta leapt more than 9 per cent.

Source: https://www.afr.com/markets/equity-markets/asx-to-slip-fed-decision-and-powell-s-comments-awaited-20250731-p5mj48