In a market dance that could rival the unpredictable rhythm of a jazz ensemble, US stocks closed with a mixed performance today, setting the stage for investors to digest the highly anticipated kickoff to Big Tech earnings.
The Nasdaq Composite (^IXIC), bearing the weight of its tech-heavy portfolio, took a step back, sliding approximately 0.8%. On the flip side, the Dow Jones Industrial Average (^DJI) orchestrated a modest rise of 0.4%, while the benchmark S&P 500 (^GSPC) managed to maintain a flat trajectory.
All eyes are now on the “Magnificent Seven” tech giants, poised to take center stage in this earnings season, with the exception of the electric juggernaut, Tesla (TSLA). These tech behemoths, having been the driving force behind the recent market rally, are expected to play a pivotal role in shaping the fate of the S&P 500. Microsoft (MSFT) is under the microscope, as investors eagerly await clues of further returns on its extensive investments in artificial intelligence. Alphabet (GOOGL, GOOG) is scheduled to unveil its results after the closing bell on Tuesday, while the heavyweights – Apple (AAPL), Amazon (AMZN), and Meta (META) – are set to dazzle on Thursday.
General Motors (GM) led the charge on Tuesday, unleashing a flood of earnings that effortlessly surpassed expectations for sales and revenue in a fourth quarter marked by labor strikes. The automotive giant’s shares basked in the glory of a more than 7% surge.
In the midst of this financial spectacle, investors are on a countdown to the Federal Reserve’s interest rate decision, slated to conclude at the end of its two-day meeting on Wednesday. The looming question of whether rate cuts will be in the offing in March or May has become the epicenter of heated debates on Wall Street.
The day’s financial narrative came to a close with a mosaic of uncertainty as US stocks closed mixed, leaving investors pondering the divergent paths charted by different sectors.
Source: Yahoo Finance
