Daily Wrap

The two primary market catalysts today were, 1) mixed earnings reactions from mega-caps Alphabet (GOOGL +5.8%) and Microsoft (MSFT -3.75%) and 2) the FOMC policy decision and Powell’s press conference. The FOMC voted unanimously to raise the target range for the fed funds rate by 25 basis points to 5.25-5.50% (the highest level in 22…