US stocks slide as investors turn focus to Fed meeting and brace for mega-cap tech earnings
- 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 Apple, Amazon, Alphabet, and Meta all slated to release results. Microsoft reported earnings last week and offered a weaker-than-expected outlook.
Of the 145 S&P 500 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: 4,047.16, down 0.57%
- Dow Jones Industrial Average: 33,901.48, down 0.23% (76.60 points)
- Nasdaq Composite: 11,516.82, down 0.9%
Here's what else is happening this morning:
- The plunge in Adani Group stocks has exceeded $70 billion following the release of a short report from Hindenburg Research.
- Adani Group has responded to Hindenburg with a 413-page rebuttal 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.
In commodities, bonds and crypto:
- West Texas Intermediate crude oil fell 1.57% to $78.43 per barrel. Brent crude, oil's international benchmark, dropped 1.40% to $85.45.
- Gold jumped 0.76% to $1,944.10 per ounce.
- The yield on the 10-year Treasury rose four basis points to 3.55%.
- Bitcoin fell 2.33% to $23,166, while ether dropped 3.16% to $1,584.
- Durjoy Datta tweets about Paytm UPI LITE making payments faster and easier, fellow author Ravinder Singh responds
- OnePlus Nord CE 3 leaks ahead of launch – specs, expected launch date and more
- JPMorgan Chase thought it had $1.3 million worth of nickel stored in a warehouse. A closer examination revealed bags of stones.
- Meet Rekha Rakesh Jhunjhunwala, the top Indian entrant in 2023 M3M Hurun Global Rich List
- Cyrus Poonawalla’s wealth grows as his health empire remains unlisted
- Adani Airports following investments as per plans submitted to govt: CEO
- Chinese leader Xi Jinping departs Russia but fails to achieve breakthrough in Ukraine conflict
- Healthcare, consumer goods minted the most Indian dollar billionaires