Tech Stocks Stumble as Fed Signals No Immediate Rate Cuts

The Nasdaq dropped 1% as the Federal Reserve warned that rate cuts are not coming soon, overshadowing Nvidia's blowout earnings report. Boston Fed President Susan Collins stated that it is "extremely likely" that interest rates will need to remain elevated for a long period of time to bring down inflation. Investors will be closely watching Fed Chair Jay Powell's speech on Friday for further signals on the future path of policy. Meanwhile, Nvidia's earnings beat expectations, with revenue jumping 101% from last year, but the stock's gains were limited as the AI trade enters a "show me phase." Warner Bros. Discovery announced a new 24/7 streaming news offering, "CNN Max," to increase engagement on its streaming platform Max.