US stocks trade mixed as Big Tech earnings to kick off while Fed readies next rate hike
- US stocks closed mixed Monday as investors look ahead to major earnings reports later this week including those from Microsoft and Apple.
Fedis widely expected to announced a 75-basis-point rate hikeon Wednesday.
US stocks traded mixed Monday as investors geared up for a packed week of tech earnings and economic developments.
Roughly one-third of S&P 500 companies are set to report quarterly earnings this week, including tech giants like Apple, Amazon, Microsoft, and Alphabet. Investors are also bracing for the Fed meeting that wraps up Wednesday. Another 75-basis-point rate hike is expected though some commentators have floated the chance of a 100-basis-point move.
"For now, odds heavily favor a 75-basis-point hike, and
Additionally, investors are awaiting new GDP data that will come out on Thursday, with many watching for signs of a technical recession.
Here's where US indexes stood as the market closed 4:00 p.m. on Monday:
- S&P 500: 3,966.84, up 0.13%
- Dow Jones Industrial Average: 31,990.04, up 0.28% (90.75 points)
- Nasdaq Composite: 11,782.67, down 0.43%
Katie Stockton of Fairlead Strategies predicted that the stock market will be rocked lower this week as mega-cap tech firms report earnings.
According to BlackRock, the Fed will eventually choose propping up growth over fighting inflation, and will start cutting rates next year. At the same time, Fundstrat is forecasting that the Fed won't have to kill every
Meanwhile, economist Nouriel Roubini — aka "Dr. Doom" — said that predictions for a mild recession are "delusional" and that an upcoming recession would be severe.
Overseas, Russia's Gazprom announced it was cutting Nord Stream gas flows to just 20%. The move comes less than a week after it restarted the pipeline. Natural gas prices in Europe jumped as much as 10% on the news.
Bitcoin slipped 4.84% to $21,643.41.
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