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U.S. stocks soared into the first day of the work week as investors braced for the busiest week of second-quarter earnings reports, led by consumer and tech giants like Alphabet and Microsoft on Tuesday, Meta Platforms on Wednesday, and Apple and Amazon. Thursday.
Other names to watch include General Motors, GE, Ford, Comcast, Northrop Grumman, Charter Communications and Exxon Mobil, 12 Dow members as well as 170 S&P 500 companies – just over a third of the index Benchmark – will publish earnings for the April-June period.
U.S. stocks fell on Friday, ending a three-day winning streak, as some surprisingly weak quarterly corporate updates spooked investors.
The S&P 500 fell 37.32 points, or 0.9%, to 3961.63 a day after the broad benchmark jumped 1%. The Dow Jones Industrial Average edged down 137.61 points, or 0.4%, to 31,899.29, and the Nasdaq Composite fell 225.50 points, or 1.9%, to 11,834.11.
Despite Friday’s losses, all three indices posted weekly gains. With a rise of 2.5% for the week, the S&P 500 capped its best week in a month. Still, few investors are ready to bottom out in a sell-off that has sent the S&P 500 down 17% this year.
Persistently high inflation, the possibility of a recession and the war in Ukraine remain at the forefront of investors’ concerns. Next week’s Federal Reserve meeting, as well as upcoming gross domestic product data, could inject more volatility into the markets.
Asian stocks fell on Monday after a retreat on Wall Street boosted by disappointing economic data and corporate earnings.
Investors are awaiting the next move from the US Federal Reserve, which is expected to raise its key rate again on Wednesday as it strives to bring inflation down. The Fed will likely announce its second straight 0.75% increase in its short-term rate, a big increase it hasn’t otherwise implemented since 1994. This will put the Fed’s benchmark rate in a range of 2.25% to 2.5%. , the highest level since 2018.
In Asia on Monday, Tokyo’s Nikkei 225 lost 0.9% to 27,676.97 and Seoul’s Kospi fell 0.6% to 2,406.98. Hong Kong’s Hang Seng fell 1.2% to 20,365.99, while the Shanghai Composite Index fell 0.8% to 3,245.19. In Australia, the S&P/ASX 200 edged down 0.2% to 6,781.60.