scorecardUS stocks slide as investors turn focus to Fed meeting and brace for mega-cap tech earnings
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US stocks slide as investors turn focus to Fed meeting and brace for mega-cap tech earnings

Matthew Fox   

US stocks slide as investors turn focus to Fed meeting and brace for mega-cap tech earnings
Stock Market1 min read
  • 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:

Here's what else is happening this morning:

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.



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