Stock market today: US stocks make muted start to earnings-packed week - Yahoo Finance

US stocks were little changed on Monday 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) and the S&P 500 (^GSPC) drifted just above the flatline, getting off to a muted start after the major stock gauges notched weekly wins. The tech-heavy Nasdaq 100 (^NDX) ticked higher.

With five of the "Magnificent Seven" tech companies set to report earnings, it looks like a crunch week for stocks. Big techs have 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."

Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards

Meanwhile, concerns about China's economic health were stoked by the looming failure of property development giant Evergrande (EGRNQ). A Hong Kong court has ordered the hugely indebted company to liquidate, seen as a milestone in the property crisis upending the world's second-biggest economy.

Oil prices fell below the flatline as concerns about an impact on Chinese demand vied with supply risks from a tightening in Middle East tensions after a drone attack on US forces. US benchmark WTI futures (CL=F) traded under $78 a barrel, while global benchmark Brent futures (BZ=F) changed hands near $83 a barrel.

Live2 updates

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  Mon, January 29, 2024 at 10:15 AM EST

  Tech stocks drift higher, energy slumps

  The major averages held steady on Monday morning as tech and consumer discretionary stocks drifted higher, while energy related equities lagged.

  The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) rose above the flatline. The tech-heavy Nasdaq (^IXIC) also ticked slightly higher.

  Meta (META) hit an intraday high as Microsoft (MSFT) and Amazon (AMZN) rose ahead of their earnings releases this week.

  Meanwhile the Energy Select Sector ETF (XLE) lagged as shares of Chevron (CVX), ExxonMobil (XOM) and Occidental Petroleum (OXY) fell fractionally.

  Oil declined on Monday as concerns of over the health of the Chinese economy overshadowed worries of escalating tensions in the Red Sea area.

  West Texas Intermediate (CL=F) futures slipped more than 1% to trade below $77 per barrel. Brent (BZ=F), the international benchmark price, also sank more than 1%, hovering just above $82 per barrel.

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  Mon, January 29, 2024 at 9:31 AM EST

  Stocks little changed to start big tech earnings week

  Stocks opened little changed as investors brace for a busy week bringing Big Tech earnings, a Fed rate decision, and January's jobs report.

  The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) hovered around the flatline after the major stock gauges notched weekly wins. The tech-heavy Nasdaq 100 (^NDX) ticked slightly higher on Monday morning.

  Amazon (AMZN) shares gained 0.4% after the e-commerce giant terminated an agreement to acquire Roomba vacuum maker iRobot (IRBT). The companies said there was "no path to regulator approval for the deal."

  Shares of iRobot sank more than 16%. The company announced it will cut 31% of its workforce and that CEO Colin Angle would step down immediately.

  Tesla (TSLA) shares opened higher on Monday, rebounding from a steep sell-off last week after the EV giant offered a downbeat production outlook for 2024.

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2024-01-29 15:18:10Z
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