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**Stocks Drop as Fed Hike Speculation Lingers**

Despite initial gains, stocks experienced a sharp decline on Thursday. Hopes that the Federal Reserve would halt its rate hikes for the rest of the year, and a rally in Meta’s stock following their earnings report, were not enough to sustain the positive momentum.

The S&P 500 closed 0.6% lower, with investors digesting a plethora of earnings reports. Similarly, the Dow Jones Industrial Average lagged behind, losing 0.7% and ending its longest winning streak since 1987. The tech-heavy Nasdaq Composite slipped 0.6%, retracting from an initial gain of over 1%.

Meta, the parent company of Facebook, reported better-than-expected earnings for the second quarter, leading to a surge in their shares. Meanwhile, all eyes remain on the Federal Reserve’s decision regarding future interest rate hikes. Although the latest rate increase was no surprise, the speculation continues regarding the timing of the next hike. Chair Jerome Powell stated that no decision has been made regarding a September hike, fueling optimism that there may be no further rate increases this year.

In other news, GDP growth in the second quarter exceeded economists’ expectations, as reported by the government on Thursday. The positive growth figures add to the overall market sentiment.

Looking ahead, more earnings reports are expected to dominate the day, with notable companies such as McDonald’s, Mastercard, Southwest, Ford, and Intel set to release their results.

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