Stock market news today: S&P 500, Nasdaq gain to kick off huge week for markets
07/29/2024 23:28
Investors are bracing for a big week filled with a Fed rate decision, the jobs report and Big Tech earnings.
US stocks gained after temporarily turning negative on Monday to kick off a big week filled with a Federal Reserve rate decision, the jobs report, and Big Tech earnings.
The Dow Jones Industrial Average (^IXIC) recovered earlier losses to hover near the flatline, coming off a surge of over 650 points for the blue-chip index on Friday. The S&P 500 (^GSPC) gained 0.4% while the tech-heavy Nasdaq Composite (^IXIC) rose 0.6%.
Stocks initially kicked off the week on the front foot after surging on Friday, as investors welcomed a promising inflation reading that cemented bets for interest-rate cuts. But after a volatile run of sessions and a huge tech sell-off, the watch is on for surprises that could put the fragile rally to the test.
No move is expected from the Federal Reserve at the end of its meeting on Wednesday, despite signs the US economy and inflation have hit a sweet spot. Many on Wall Street see other reasons for the central bank to wait until September to act.
Read more: 32 charts that tell the story of markets and the economy right now
The July nonfarm payrolls report that follows on Friday — expected to show cracks in the jobs market — will play into after-the-fact calculations on timing and depth of rate cuts in 2024.
Looming earnings this week from Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Meta (META) also have investors on alert, given the stock wipeout that followed the first pair of "Magnificent Seven" results.
While they wait, investors will get a flood of quarterly results from over 150 members of the S&P 500. McDonald's (MCD) earnings missed across the board before the bell on Monday, as consumers pulled back on spending.
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S&P 500, Nasdaq climb back into green territory
Stocks rose on Monday after briefly turning negative during the session.
The Dow Jones Industrial Average (^DJI) was little changed after falling more than 100 points in morning trading.
The S&P 500 (^GSPC) gained 0.2% while the tech-heavy Nasdaq Composite (^IXIC) climbed back into green territory to rise 0.2% after briefly turning negative.
Starbucks expected to report weak sales as it pushes popping pearls and value plays
Yahoo Finance's Brooke DiPalma reports:
Starbucks (SBUX) investors are cautious ahead of its Tuesday earnings report.
Its shares are down nearly 28% compared to a year ago, when the coffee giant painted a picture of a resilient consumer with a 10% sales growth, Now, different expectations are on tap.
Q3 revenue is expected to grow 0.37% to $9.20 billion, per Bloomberg consensus estimates. Adjusted earnings per share is expected to be $0.92, compared to $1.00 a year ago.
Read more here.
Stocks erase session gains, Nasdaq turns negative
Stocks erased earlier session gains to hover below the flatline on Monday.
The Dow Jones Industrial Average (^DJI) lost roughly 100 points after initially opening higher. The S&P 500 (^GSPC) fell 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) also fell below the flatline after gaining as much as 0.9%.
Bitcoin hovers near $69,000 following Trump pro-crypto speech
Bitcoin (BTC-USD) traded near the $69,000 per token level on Monday after former President Donald Trump pushed a pro-crypto agenda at a bitcoin conference over the weekend.
Trump was the keynote speaker at Bitcoin 2024 on Saturday in Nashville, Tennessee. The Republican presidential candidate said he plans to make the US the "cryptocurrency capital of the world" if elected in November. He also proposed the creation of a “national bitcoin stockpile.”
Read more here.
McDonald's stock rises despite Q2 earnings miss as consumers pull back on dining out
McDonald's (MCD) shares rose on Monday morning, recovering from an initial negative reaction at the market open following the fast food chain's quarterly results.
Yahoo Finance's Brooke DiPalma reports:
McDonald's customers are tightening their belts again in Q2, as they grapple with paying up for their Big Mac.
On Monday morning, the company reported Q2 earnings that missed Wall Street estimates across revenue, earnings, and same-store sales, proving not even America's most dominant fast food player is immune to the challenging macro conditions.
Read more here.
Shares of the fast food chain initially opened lower, but quickly recovered to gain as much as 3% in early trading.
Stocks open higher to kick off big week on Wall Street
Stocks stepped higher on Monday to kick off a big week filled with a Federal Reserve rate decision, the jobs report, and tech earnings.
The Dow Jones Industrial Average (^DJI) moved up slightly, coming off a recent surge of over 650 points. The S&P 500 (^GSPC) added about 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.5%.
The Federal Open Market Committee will hold its scheduled two-day meeting this week, with no rate move expected by Federal Reserve officials on Wednesday. Most investors see policymakers waiting until September to cut interest rates.
Big Tech earnings are due this week, including from Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Meta (META).
A morning chart to leave you thinking
And so begins an insanely busy week for investors.
Investors start the week bruised by the surprise tech sell-off last week, which may just be getting going, reports Yahoo Finance's Seana Smith.
RBC strategist Lori Calvasina puts some context around the tech stall-out below.
The hottest stocks begin to stall in July. (RBC)
