- US stocks moved lower on Monday as investors brace for a key Fed decision later this week.
- Fed Chairman Jerome Powell is expected to hike interest rates by 25 basis points on Wednesday.
- Mega-cap tech companies Apple, Amazon, Alphabet, and Meta will release earnings this week.
US stocks slipped Monday as investors brace for a key Federal Reserve interest rate decision and mega-cap tech earnings later this week.
The catalysts should make for a volatile week ahead, with the Federal Reserve slated to hike interest rates at its FOMC meeting on Wednesday. Fed Chairman Jerome Powell is expected to hike interest rates by 25 basis points, in what could be one of the last interest rate hikes of the current cycle.
Amid the expected Fed rate hike, mega-cap tech companies will be reporting earnings results, with $4, $4, $4, and $4 all slated to release results. $4 reported earnings last week and offered a weaker-than-expected outlook.
Of the 145 $4 companies that have reported fourth-quarter earnings so far, 68% beat profit estimates by a median of 5%, according to data from Fundstrat.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Monday:
- S&P 500>$4: 4,047.16, down 0.57%
- Dow Jones Industrial Average>$4: 33,901.48, down 0.23% (76.60 points)
- Nasdaq Composite>$4: 11,516.82, down 0.9%
Here's what else is happening this morning:
- The $4 following the release of a short report from Hindenburg Research.
- Adani Group $4 that attacks the short-seller report as "nothing but a lie."
- Baidu stock jumped 2% on Monday after the Chinese search giant said it would launch its own competitor to ChatGPT.
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