Investors await a locked and loaded earnings calendar with heavyweights reporting in every sector. So far, earnings season is off to a solid start, with about 68% beating on EPS, according to a note from Bank of America. This week brings earnings from several big tech companies, including Microsoft, Meta, Amazon, and Alphabet. The S&P 500 edged up above the flatline, while the Dow Jones Industrial Average gained 0.2%, and the technology-heavy Nasdaq Composite fell by 0.29%. However, Wall Street remains concerned that the US economy will spiral into a recession as the Federal Reserve raises interest rates to cool inflation.
Investors will be closely watching the first reading of Q1 GDP, out on Thursday. Other economic releases this week include consumer confidence, new home sales, durable goods orders, and the closely watched employment cost index. Additionally, after the volatility in energy markets this year, Wall Street’s attention will turn to some of the largest players by the end of next week in oil, including Exxon, Chevron, Valero, and Total Energies SE.
US stocks closed mixed on Monday, as investors remained cautious ahead of a heavy week of earnings reports from major companies. The S&P 500 rose slightly, while the Dow Jones Industrial Average gained 0.2%. Meanwhile, the tech-heavy Nasdaq Composite fell by 0.29%. Big tech companies such as Microsoft, Meta, Amazon, and Alphabet are set to report this week, which could provide insight into the US economy’s direction. The earnings season is expected to bring several big tech companies to light whose shares have driven the S&P to rally this year. The US economy is also expected to spiral into a recession as the Federal Reserve raises interest rates to cool inflation.
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