Stocks rallied Wednesday afternoon, hitting the highs of the session after the Federal Reserve raised interest rates by 0.75% and Federal Reserve Chairman Jerome Powell signaled the central bank may slow the pace of its hiking cycle. The tech-heavy Nasdaq jumped 4% during the session, posting its best gain in more than two years.
Here are the top five trending tickers on Yahoo Finance:
Metas (META): The company reported second-quarter earnings after the bell Wednesday, missing Wall Street’s expectations on the top and bottom lines. Meta posted sales of $28.82 billion, its first ever year-over-year revenue decline. EPS of $2.46 was short of street’s expectations of $2.52. Facebook daily active users increased by 8 million to 1.97 billion, but Facebook monthly active users fell to 2.93 billion. Jefferies’ Brent Thill told Yahoo Finance that it is a ‘tough environment for ad-driven names’ and that it’s ‘impossible to forecast what Facebook is doing right now.’ The stock is down nearly 50% since the start of the year.
Qualcomm (QCOM): Qualcomm reported third-quarter earnings of adjusted EPS of $2.96 on revenue of $10.93 billion, beating the street’s expectations. Revenue guidance for the current quarter missed expectations, weighing on shares in after-hours trading. Moor Insights and Strategy Founder and CEO Patrick Moorhead told Yahoo Finance there was “a lot of good news in this release but the very important guidance piece is spooking investors, and that’s all about the consumer market.” Qualcomm also announced a 7-year extension of its patent licensing agreement with