(MENAFN- Baystreet)
Earnings Suspense Keeps Stocks Down
Stocks Little Changed Ahead of
earnings S&P Dips, But Heads for Winning Week
Stocks Head for Winning Week
S&P Earnings Little Changed on Earnings Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Monday, January 29, 2024
Stocks Little Changed Awaiting Tech Earnings Advertisment
Stocks were little changed Monday as Wall Street looked toward several mega-cap tech earnings reports and the Federal Reserve's rate policy decision.
The Dow Jones Industrials picked up 51.58 points to 38,161.01.
The S&P 500 index muscled up 6.24 points to 4,897.21.
The NASDAQ added 28.08 points to 15,483.44.
This week marks the busiest slate of the earnings season, with 19% of the S&P 500 reporting earnings. Mega-cap tech names Microsoft, Apple, Meta, Amazon and Alphabet - part of the core group of big tech companies that have led this year's rally - will be posting their results.
Investors will also keep an eye on several Dow components reporting their quarterly earnings, including Boeing and Merck.
Shares of iRobot plummeted more than 14% following news that Amazon would no longer pursue a deal to acquire the company.
Meanwhile, the Federal Open Market Committee will begin its two-day policy meeting on Tuesday. Investors are nearly certain the central bank will keep rates steady. Traders in the fed funds futures market assigned an almost 97% probability the Fed will not cut rates at the upcoming meeting
Prices for the 10-year Treasury gained ground, lowering yields to 4.11% from Friday's 4.14%. Treasury prices and yields move in opposite
directions.
Oil prices sagged 84 cents to $77.17 U.S. a barrel.
Gold prices surged $4.90 to $2,022.20.
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