On Monday, the stock market saw minimal movement as investors anticipated the Federal Reserve’s decision on rate policy and major mega-cap tech companies’ quarterly reports.
Not only did the Nasdaq Composite remain above the flatline, but so did the Dow Jones Industrial Average and the S&P 500.
With 19% of the S&P 500 releasing results this week, it is the busiest earnings season schedule yet. The huge tech companies that have spearheaded this year’s surge, like Microsoft, Apple, Meta, Amazon, and Alphabet, are listed as mega-cap names in the results. A few Dow members, such as Boeing and Merck, will also be closely watched by investors when they release their quarterly results.
The announcement that Amazon will no longer seek an acquisition of iRobot caused its shares to plunge more than 14%.
Tuesday marks the start of the Federal Open Market Committee’s two-day policy meeting. It’s almost a given among investors that the central bank will maintain constant rates. The CME Group reports that traders in the fed funds futures market calculated that there was an over 97% chance the Fed would not lower rates at its next meeting.
Source (CNBC)
