For their part, tech giants like Microsoft, Intel and Tesla are due to report results this week, and the numbers will serve as evidence of the more than 10% rise in the S&P 500 since mid-October. The tech sector has faced a reckoning over the past year, with megacaps like Amazon.com and Meta Platforms announcing job cuts to cut costs. Spotify also joined in on plans to cut around 6% of its workforce.
So far, corporate balance sheets have been mixed. This, coupled with weaker-than-expected economic data, has eroded some of the gains made earlier in the year by Wall Street.
Savers are also eagerly awaiting the next meeting of the US Federal Reserve, from January 31 to February 2, where they expect the central bank to raise interest rates by a quarter of a percentage point.
For his part, Spotify shares rose 3% after announcing its layoff measure.
In other markets, Texas oil rose at this time to $82.19 a barrel, the yield on the 10-year US bond rose to 3.5%, gold fell to $1,918 an ounce and the dollar gained ground against the euro, with a change of 1.0852.
Source: Ambito
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