早盘：三大股指悉数走低 微软重挫逾11%

Core Viewpoint - The U.S. stock market experienced a decline, primarily driven by a significant drop in Microsoft's stock, which fell over 11%. Investors are processing earnings reports from major tech companies like Meta and Microsoft, along with the latest Federal Reserve interest rate decision. Apple's earnings report is anticipated after the market closes on Thursday [1][8]. Group 1: Market Performance - The Dow Jones Industrial Average fell by 69.09 points, a decrease of 0.14%, closing at 48,946.51 points. The Nasdaq Composite dropped by 331.41 points, or 1.39%, ending at 23,526.04 points. The S&P 500 index decreased by 40.49 points, down 0.58%, to close at 6,937.54 points [3][10]. - Despite the overall market decline, Meta Platforms saw a significant increase in its stock price after announcing a stronger-than-expected first-quarter sales forecast. The company projected capital expenditures could reach up to $135 billion, exceeding market expectations of approximately $110 billion [3][10]. Group 2: Company Earnings and Forecasts - Tesla's stock also rose following the release of its fourth-quarter earnings, which surpassed expectations. However, the overall market gains were limited due to Microsoft's stock decline, which reported a slowdown in cloud business growth and provided a weak guidance for its operating profit margin for the third quarter [11][12]. - Analysts from JPMorgan noted a common theme of higher-than-expected capital expenditures from both Meta and Microsoft, indicating that AI spending continues to accelerate. They highlighted that Meta raised its revenue outlook for 2026 significantly above market expectations [4][13]. Group 3: Federal Reserve and Economic Outlook - Investors are weighing the impact of the Federal Reserve's monetary policy. Following the Fed's decision to maintain its benchmark interest rate in the range of 3.5% to 3.75%, the S&P 500 briefly surpassed the 7,000-point mark before closing slightly lower. The Fed's statement indicated that economic activity is expanding at a steady pace, with signs of stabilization in the unemployment rate [6][14]. - Market expectations for interest rate cuts have been adjusted, with the probability of a rate cut in April reduced to 26%, and June being viewed as the next potential window for a cut. Analysts from Deutsche Bank believe the Fed has completed its last rate cut, with expectations for a possible cut in September becoming more balanced [15].