Stock market today: US stocks make muted start to earnings-packed week | January 29, 2024 |
|
#stocks #inflation #YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto
To get the latest market news check out finance.yahoo.com US stocks were little changed on Monday as investors braced for a busy week packed with Big Tech earnings updates, a Federal Reserve rate decision, and the crucial US jobs report. The Dow Jones Industrial Average (^DJI) hugged the flatline while the S&P 500 (^GSPC) drifted slightly higher, getting off to a muted start after the major stock gauges notched weekly wins. The tech-heavy Nasdaq 100 (^NDX) rose 0.3%. With five of the "Magnificent Seven" tech companies set to report earnings, it looks like a crunch week for stocks. Big techs have driven the S&P 500's recent record-setting gains, and the focus will be on whether their AI efforts and layoffs are paying off. Microsoft (MSFT) and Alphabet (GOOGL, GOOG) lead out the pack on Tuesday, with Apple (AAPL), Amazon (AMZN), and Meta (META) among the 100-plus flood of corporates on the docket. At the same time, investors are preparing for the Fed's policy decision on Wednesday after data last week showed inflation cooling and the economy robust. While policymakers are expected to hold interest rates steady at 5.25%, the market will listen closely to Chair Jerome Powell's comments for clues as to when cuts could begin amid a scaling-back on March bets. Also coming is Friday's US jobs report for December, which will factor into calculations of whether the Fed has managed a "soft landing." Meanwhile, concerns about China's economic health were stoked by the looming failure of property development giant Evergrande (EGRNQ). A Hong Kong court has ordered the hugely indebted company to liquidate, seen as a milestone in the property crisis upending the world's second-biggest economy. Oil prices fell as concerns about an impact on Chinese demand vied with supply risks from escalating Middle East tensions after a drone attack on US forces. US benchmark WTI futures (CL=F) traded under $78 a barrel, while global benchmark Brent futures (BZ=F) changed hands near $83 a barrel. For more on this article, please visit: https://finance.yahoo.com/news/stock-market-today-us-stocks-make-muted-start-to-earnings-packed-week-143055290.html |