Reports this week will play a crucial role in determining whether tech stocks can recover. Another key event of the week will be the Federal Reserve meeting.
Stocks on Wall Street are trading in the green ahead of what promises to be a busy week, with clues about the Federal Reserve’s interest rate decision and high-profile corporate earnings reports.
Earnings season kicked off on Monday with McDonald’s releasing its results before the opening bell and falling short of Wall Street’s expectations. Also, as reported by Ambito, four of the Magnificent Seven, Amazon, Apple, Meta and Microsoftwill do the same in the coming days.
So, andThe Nasdaq Composite The S&P 500 is up 0.4%, while the Dow Jones Industrial Average is up 0.3% and the Russell 2000 is down more than 1%. It is worth remembering that the main indexes rebounded on Friday to close a turbulent week on the rise.
It’s also a big week for central banks. A Fed rate decision is expected on Wednesday.. Fed officials are likely to signal that a September cut is quite possible, after better news on inflation and signs that the labor market is cooling.
Fed counterparts in Tokyo and London also meet this week. The Nasdaq Composite led the gains, followed by the S&P 500.
The key note of the week on Wall Street
This week’s earnings call will play a role in determining whether tech stocks can now rally. Microsoft, Meta Platforms, Apple and Amazon are set to report their quarterly results in the coming days.
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Another key event this week will be the Federal Reserve meeting, where the central bank will release a new policy statement on Wednesday. The Fed is not expected to cut interest rates this week, but traders will be looking for clues about the likelihood of the central bank making a move at its September meeting.
The recent cool-off in tech trading has dragged some major market indices lower, but the recovery in areas such as small caps has been encouraging for many market strategists.
Source: Ambito
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