Alex Ossola

Like Spencer said, markets didn't have a strong reaction to the Fed.

But the dollar did climb today after Treasury Secretary Scott Besant said the U.S.

had a strong dollar policy and absolutely wasn't intervening in currency markets.

The dollar had sold off yesterday, partly because President Trump said he wasn't concerned about currency declines.

In round number milestones, the S&P 500 briefly crossed 7,000 points today for the first time, but later retreated, and stock markets finished the day pretty much unchanged from yesterday.

The biggest move in the indexes was a 0.2% gain in the Nasdaq.

In corporate news, Amazon said it was laying off 16,000 employees.

That brings its total cuts to 30,000 workers since October.

CEO Andy Jassy has portrayed the cuts as an attempt to reinvigorate the company's culture rather than to cut costs.

Amazon went on a hiring spree during the pandemic, adding about 100,000 workers in a short period.

And Jassy's said that surge in hiring led to bloat at the company.

He's promised to operate like a startup, and that means, quote, removing layers.

And Starbucks said today that its same-store sales grew 4 percent and revenue increased 6 percent in the latest quarter.

CEO Brian Nichols says his turnaround strategy is working, but profit declined 62 percent, taking a hit from those investments in stores and workers and from coffee tariffs.

And we have some headlines for big tech earnings that came out after the bell.

Tesla's revenue fell 3% as it lost its lead as the world's top electric vehicle maker to China's BYD.

While Meta said it had record sales and expects a massive increase in projected spending this year, a sign that its AI investments are still going strong.

And Microsoft reported better than expected earnings because of its new deal with OpenAI and continued growth in its cloud computing business.

For more details, visit WSJ.com.

And we'll be discussing those results on tomorrow morning's show.