Stock market today: Stocks rise as S&P 500 hits fresh record to kick off earnings-packed week

Economy MARKET_WATCH

US stocks edged higher Monday, with the S&P 500 notching another record close as investors braced for a busy week packed with Big Tech earnings updates, a Federal Reserve rate decision, and the crucial US jobs report.

The Dow Jones Industrial Average (^DJI) drifted 0.6% higher, while the S&P 500 (^GSPC) rose 0.8% to build on last week's wins for the indexes. The tech-heavy Nasdaq Composite (^IXIC) gained over 1%.

With five of the "Magnificent Seven" tech companies set to report earnings, it looks like a crunch week for stocks. Big Tech has driven the S&P 500's recent record-setting gains, and the focus will be on whether their AI efforts and layoffs are paying off.

Microsoft (MSFT) and Alphabet (GOOGL, GOOG) lead out the pack on Tuesday, with Apple (AAPL), Amazon (AMZN), and Meta (META) among the 100-plus flood of corporates on the docket.

At the same time, investors are preparing for the Fed's policy decision on Wednesday after data last week showed inflation cooling and the economy robust. While policymakers are expected to hold interest rates steady at 5.25%, the market will listen closely to Chair Jerome Powell's comments for clues as to when cuts could begin amid a scaling back on March bets.

Also coming is Friday's US jobs report for December, which will factor into calculations of whether the Fed has managed a "soft landing."

Oil prices fell as concerns about an impact on Chinese demand vied with supply risks from escalating Middle East tensions after a drone attack on US forces. US benchmark WTI futures (CL=F) fell more than 1% to settle at $76.78 a barrel, while global benchmark Brent futures (BZ=F) also closed lower at $82.40 a barrel.

Source : Yahoo Finance / Jan 29, 2024

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