5 things to know before the Thursday open: Microsoft tops $4 trillion | Fed decision dissent | More metal tariffs

• The Federal Reserve kept the key funds rate unchanged, with two members dissenting.
• Meta and Microsoft earnings both beat Wall Street's earnings expectations, sending the stocks up in extended trading.
• President Donald Trump imposed a 50% tariff on copper imports beginning Friday.

1. Going steady

The Federal Reserve kept the key funds rate unchanged, but it wasn't a unanimously welcome move within the central bank. Fed members Michelle Bowman and Christopher Waller dissented, marking the first time in more than three decades that a decision got multiple “no” votes. Though investors had largely anticipated the announcement, stocks tumbled as Chair Jerome Powell said there wasn't a clear decision on what the central bank would do at the next policy gathering in September. However, stock futures climbed on Thursday morning — follow live market updates here.

2. Heavy metal

While Fed-heads were locked in on the meeting Wednesday afternoon, President Donald Trump imposed a 50% tariff on copper imports, beginning Friday. With that, copper is in the same boat as steel and aluminum at the 50% levy rate. Later in the day, Trump announced a deal with South Korea that will set tariffs at 15%. Remember: All this action takes place as the clock counts down to Friday, which is when the White House said it will start requiring tariff payments.

3. Big Tech's beats

It's a good morning to be a megacap tech investor. Meta and Microsoft earnings both beat Wall Street's earnings expectations, sending the pair of stocks jumping in extended trading. Notably, Microsoft's after-hour rally sent the stock's market cap above $4 trillion, making it the only name besides Nvidia to sit above this elite threshold. Investors don't have to wait long for the next round of Magnificent Seven reports, as Apple and Amazon are both scheduled for after Thursday's closing bell.

4. A 'resilient' economy

With the Fed in the rearview, attention now turns in full force to the economic data on the docket this week. Economic data released Wednesday brought good news, with private payrolls swinging back to expansion and the GDP rising at a higher rate than economists forecast for the second quarter. Heather Long, chief economist at Navy Federal Credit Union, went so far as to name “resilient” the word of the summer economically. Now, the question is if the rest of the week's releases will paint a similarly rosy picture. There will be a lot to follow, with both inflation data and the all-important jobs report coming in the backend of the week.

5. Canned confusion

If you opened a High Noon box recently to find energy drink cans, rest assured, you aren't alone. High Noon said it was recalling some of its 12-packs for a can branding issue. The box itself was branded correctly, and the drinks inside the cans were, indeed, a vodka seltzer. The problem: The cans themselves have the branding of energy drink Celsius rather than High Noon's.

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