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.
Live10 updates
Stock market hits fresh record to kick of big tech earnings week
The Dow Jones Industrial Average (^DJI) edged higher on Monday while the S&P 500 (^GSPC) gained 0.6% starting the week with fresh record closes. The tech-heavy Nasdaq 100 (^NDX) also rose 1%.
Tech stocks led the session gains as Tesla (TSLA) shares jumped 4%. Nvidia (NVDA), Meta (META) and Microsoft (MSFT) all rose roughly 1% to close a record highs.
Apple (AAPL) was the only stock among the “Magnificent Seven”group that closed fractionally lower, down about 0.4%.
Investors are anticipating a jam packed week ahead of big tech earnings. The markets will also be digesting Wednesday’s rate decision from the Federal Reserve and Friday’s January jobs report.
Tax filing season begins as IRS starts accepting returns
The US tax filing season begins on Monday, as the Internal Revenue Service starts accepting and processing 2023 federal tax returns.
Taxpayers have until April 15 to file without an extension.
The IRS generally issues refunds within about three weeks after returns are electronically filed — even faster if you choose direct deposit instead of a mailed check.
Nvidia (NVDA), Meta (META) and Microsoft (MSFT) all rose roughly 1%. Apple (AAPL) was the only stock among the “Magnificent Seven”group that was trading lower, down about 0.5%.
This is expected to be a jam packed week as investors anticipate big tech earnings. The markets will also be digesting Wednesday’s rate decision from the Federal Reserve and Friday’s January jobs report.
Heat map of Nasdaq 100 at 2:55 PM Eastern on January 29.
Surprise exit of a key Goldman exec is latest shakeup for bank giant
Another top Goldman Sachs (GS) executive is leaving.
Jim Esposito, who had been co-head of Goldman’s global banking and markets division, will leave after nearly three decades, according to a memo viewed by Yahoo Finance. The Wall Street Journal was the first to report the departure.
As Yahoo Finance’s David Hollerith reports, Esposito’s departure raises new questions about the race to succeed CEO David Solomon, and caps a period of high-profile management and board changes for the Wall Street giant.
Warner Bros. Discovery stock falls on analyst downgrade
Warner Bros. Discovery (WBD) stock fell as much as 3% on Monday after Wells Fargo downgraded the stock from Overweight to Equal Weight, citing a “risky earnings setup” to kick off the year.