Stocks closed mixed yesterday with the Nasdaq up 0.04% and the S&P 500 down -0.04%.

Yesterday's FOMC Announcement came out at 2:00 PM ET. As expected, the Fed left rates unchanged.

The takeaway is that inflation remains elevated, in part due to the higher energy prices as a result of the Iran conflict. But he described the economy as "solid" and "resilient."

Even before yesterday's Announcement and Fed Chair Press Conference, the best odds for a rate cut didn't show up until December at the latest, even though it was only fractional. But per the Fed's last SEP (Summary of Economic Projections, which are only released 4 times a year (quarterly) ? last one was in March), they were still anticipating one 25 basis point rate cut this year, and one more next year.

In other news, after the close, we heard from 4 of the Magnificent 7.

Alphabet posted a positive EPS surprise of 93.56%, and a positive sales surprise of 2.65%. That translated to a quarterly EPS growth rate of 81.9% vs. this time last year, and a sales growth of 23.8%. Alphabet said they were allocating up to $185B in AI CapEx for 2026. That's in line with their previous estimate range of $175-$185B, albeit at the high end. But they said it's rising because of infrastructure demand. They were up 0.05% in the regular session before earnings, and were up roughly 7% in after-hours trade following earnings.

Microsoft reported a positive EPS surprise of 4.91%, and a positive sales surprise of 1.83%. That equated to a quarterly EPS growth rate of 23.4%, and a sales growth of 18.3%. They estimated CapEx at $190B for 2026, which was above the consensus for $154.6B. Azure cloud growth surged 40% last quarter, and they guided next quarter's cloud growth between 39%-40%, which was above the consensus for 37%. They were off -1.12% in the regular session. And, they were off roughly -1% in after-hours.

Amazon posted a negative EPS surprise of -2.50%, and a positive sales surprise of 2.07%, for a quarterly EPS growth rate of -1.89%, and a sales growth of 16.6%. They reported 28% growth in AWS (their fastest growth in 15 quarters according to CEO Andy Jassy). Their planned CapEx of $200B for 2026 was unchanged from their previously stated CapEx plan. They were up 1.29% before earnings. And added another 5% after earnings.

And Meta reported after the close and posted a positive EPS surprise of 8.94%, and a positive sales surprise of 1.47%, for a quarterly EPS growth rate of 13.7%, and a sales growth of 33.1%. They guided next quarter's revs up to a range of $58-$61B, which put their midpoint of $59.5B in line with the consensus for $59.48B. CapEx was guided higher with 2026 now estimated at $125B-$145B (midpoint of $135B) vs. the consensus for $115B-$135B (midpoint of $125B). They were off -0.33% before earnings. And were down roughly -6.5% after earnings.

All in all, these tech-titans showed strong growth across the board, but higher CapEx. But I believe Alphabet's comment about increased CapEx, because of rising infrastructure demand, helps put the increased spend into perspective. It's not for nothing. And the belief is that it will all pay off.

Today we'll hear from Mag 7 component Apple after the close.

We'll also get another look at inflation with the Personal Consumption Expenditures (PCE) index, along with the first look at Q1 GDP, which is forecast at 2.1%.

Should be a busy today.

See you tomorrow,