Meta’s Big Beat, Rates Remain Unchanged, Chips Dip 8/1/24

Carl Quintanilla, Jim Cramer and David Faber began the show by breaking down the big earnings beat of the morning: Meta Platforms. Shares of the tech giant surged after the company reported second-quarter revenue growth of 22% from $32 billion a year earlier, marking its 4th straight quarter of growth in excess of 20%. Meta executives also showed how the company’s heavy spending on AI is already starting to pay off. The anchors then moved onto the other big tech movers including Qualcomm, Arm Holdings and Western Digital, which all moved lower following their respective results. Also in the mix: the desk also reacted to the Fed’s decision to hold rates steady, with Chair Powell also hinting that a September cut is on the table.

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