Earnings and guidance still matter most when it comes down to real decisions about buying, holding and selling stocks. An old-school big tech stock was among the day's biggest upside movers, while a major e-commerce player led to the downside. It was all fundamentals, with solid economic data in the background.
Price action largely reflected investors' feelings about a handful of big names, neither Federal Reserve Chair Jerome Powell nor President Donald J. Trump among them. At the same time, incoming data continue to support Powell's assertions during his post-Federal Open Market Committee meeting press conference on Wednesday that the U.S. economy is growing at a "solid" pace, supported by a "stable" labor market.
