Overview

• Federal Reserve Chief Jerome Powell dismissed the possibility of a rate cut in March, leading to a sell-off in the stock market.
• Tech stocks, including Microsoft and Google parent Alphabet, reported lower earnings, contributing to the market downturn.
• Microsoft's AI efforts contributed to revenue growth in its Azure cloud business, but shares still fell by over 1%.
• Alphabet's shares fell by more than 6% after missing expectations for advertising revenue, despite beating top and bottom line expectations and seeing growth in its cloud business.
• Apple and Meta are set to report their earnings on Thursday, with high expectations for their performance.