Major stock indexes moved into positive territory in afternoon trading Monday, as investors brace for big tech earnings reports later in the week and a Federal Reserve meeting that could provide clues on how soon interest rates will be cut.
The S&P 500 and Nasdaq Composite were up 0.4% and 0.7%, respectively, while the Dow Jones Industrial Average was up 0.1%. The major indexes rose sharply on Friday to close out a volatile week of trading.
The earnings calendar is light on Monday but picks up significantly the remainder of the week. Investors will be particularly focused on reports from mega-cap tech companies Microsoft (MSFT), Apple (AAPL), Meta (META), and Amazon (AMZN), after disappointing earnings from Google parent Alphabet (GOOGL) and Tesla (TSLA) last week roiled markets.
Tech stocks have lifted the broader market most of the year, but in recent weeks they’ve stumbled as investors shift into small-cap stocks that are expected to benefit most from widely anticipated interest rate cuts. On Monday, big tech names, including AI investor darling Nvidia (NVDA), Microsoft, Meta, Alphabet and Tesla, were moving higher. The iShares Semiconductor ETF (SOXX) was up about 1% in afternoon trading Monday.
Among the major companies reporting quarterly results Monday, shares of McDonald’s (MCD) were up about 4% even as the company missed expectations on both the top and bottom lines.
In addition to earnings, attention in the coming days will turn to the Fed’s two-day policy meeting that kicks off Tuesday, amid rising expectations that interest rate cuts are imminent. The Fed is expected to leave its benchmark lending rate unchanged this week, but market participants will be looking for the central bank to provide confirmation that economic data has given the Fed enough confidence to cut rates at subsequent meetings.
The yield on the 10-year Treasury, which is sensitive to expectations around rate cuts, was at 4.17% on Monday morning, nearing its lowest level since March. Bitcoin was above $68,000, while gold futures were little changed and crude oil fell more than 1%.
What 3M Levels to Watch After Friday’s 23% Surge
53 minutes ago
3M shares jumped 23% on Friday, their largest ever one-day percentage gain, after the maker of Scotch tape and Post-it Notes reported better-than-expected quarterly results and boosted its full-year profit outlook.
The share price broke out from a pennant pattern on the highest weekly trading volume since early March, indicating a continuation of the current uptrend.
Amid further upside, 3M shares may encounter overhead resistance on the chart at key levels including $128, $152, and $175.
A pullback could see the shares revisit the $106 area, where they would likely attract buying interest near the stock’s initial breakout point and the March 2020 pandemic low.
Read the full technical analysis here.
3M shares were down about 1.7% in recent trading Monday.
Onsemi Soars After Better-Than-Expected Results
1 hr 40 min ago
Onsemi (ON) shares surged Monday after the chipmaker reported better-than-expected revenue and highlighted gains in the automotive industry.
The company posted second-quarter revenue of $1.74 billion, down from the year-ago period but better than analysts expected. Net income of 78 cents per share fell year-over-year and missed estimates, but excluding one-time items came in at 96 cents per share and beat expectations.
CEO Hassane El-Khoury said Onsemi, which makes chips and sensors for automotive and industrial markets, is strengthening its silicon carbide leadership position in automotive as we ramp production with leading global (vehicle makers) in Europe, North America and China.”
Onsemi, recently announced a multi-year deal with Volkswagen (VWAGY) to supply chips for the automaker’s electric vehicles.
The company provided guidance for the coming quarter that was in line with analysts’ expectations.
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Onsemi shares were up 12% in recent trading, leading gainers on the S&P 500 and Nasdaq Composite.
How Big Tech Earnings Could Affect Markets This Week
3 hr 11 min ago
The stock market has been turned on its head in recent weeks, and the ride may get wilder this week with the majority of the Magnificent Seven reporting earnings at a critical juncture for the group.
Bank of America estimates that more than one-third of aggregate S&P 500 earnings will be reported this week.
That’s in large part because Microsoft (MSFT) will report Tuesday afternoon, Meta’s (META) results come when markets close Wednesday, and Apple (AAPL) and Amazon (AMZN) are both slated to report after the bell on Thursday. Those four companies account for nearly 20% of the S&P 500 index—about as much as the Health Care and Industrial sectors combined.
Alice Morgan / Investopedia
Big moves in their stocks would take major indexes in tow, and markets may be on edge heading into this week’s reports after Tesla (TSLA) and Alphabet (GOOGL) earnings sent tech stocks spiraling last week, pulling the sector into a correction and leading the S&P 500 to notch its worst day since December 2022.
Any weakness in this week’s big tech earnings could widen the cracks that began to show last week. They could also feed into or challenge the narrative coalescing around spending on artificial intelligence (AI) that has weighed on sentiment lately.
Major Indexes Poised to Open Higher Monday
4 hr 28 min ago
Futures tied to the Dow Jones Industrial Average were up 0.5%.
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S&P 500 futures were up 0.6%.
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Nasdaq 100 futures were up 0.9%.
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