Stocks climbed higher Tuesday, with tech shares on the rise as investors prepared for Microsoft (MSFT) and Alphabet (GOOGL) earnings and the Federal Reserve's policy meeting began.
The tech-heavy Nasdaq Composite (^IXIC) led gains, up about 0.6% as the rush of second quarter results resumed. The Dow Jones Industrial Average (^DJI) climbed roughly 0.1% for its 12th straight day of gains, while the S&P 500 (^GSPC) was up about 0.2%.
Updates from Microsoft and Google due after the close should set the tone for Big Tech earnings that follow in the coming weeks. Updates on artificial intelligence will be keenly watched, given the buzz around AI propelled a soaring tech stock rally in the first half.
Also on investors' minds is the Federal Reserve's two-day meeting, which starts Tuesday. The focus is on any hints that the central bank plans to ease up on raising interest rates after its July decision, almost universally believed to bring in a hike on Wednesday.
At the same time, investors are absorbing the signals from China's Politburo, which flagged it will act to boost the economy's "torturous" post-pandemic recovery. Oil, metals, and Hong Kong tech stocks were among the assets getting some boost from hopes for a lift to global demand.
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2023-07-25 18:00:28Z
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