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Январь
2024

US stocks extend rally to close at fresh records ahead of mega-cap earnings

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  • US stocks closed at fresh record highs as investors gear up for Q4 mega-cap tech earnings.
  • Apple, Microsoft, Amazon, Alphabet, and Meta Platforms are set to release earnings this week.
  • A Fed interest rate decision and the January jobs report will cap off the week.

The S&P 500, Nasdaq 100, and Dow Jones Industrial Average all closed at fresh record highs on Monday as investors gear up for mega-cap tech earnings.

Apple, Microsoft, Amazon, Alphabet, and Meta Platforms, cumulatively representing nearly $10 trillion in market value, are set to report their fourth-quarter earnings results this week, and the results could set the tone of the stock market for weeks to come. 

So far, 25% of S&P 500 companies have reported their fourth-quarter earnings results, with 71% of those companies beating profit estimates by a median of 7% and 68% of those companies beating revenue estimates by a median of 2%, according to data from Fundstrat. 

On Wednesday, investors will be squarely focused on the Federal Reserve's meeting which will include an interest rate decision followed by a press conference from Fed Chairman Jerome Powell. Current market expectations are for the Fed to keep interest rates unchanged. Investors will have to navigate a January jobs report on Friday to cap off the week. 

Here's where US indexes stood at the 4:00 p.m. closing bell on Monday: 

Here's what else happened today: 

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil fell 1.32% to $76.98 a barrel. Brent crude, the international benchmark, dropped 1.23% to $82.52 a barrel. 
  • Gold climbed 0.71% to $2,031.60 per ounce. 
  • The 10-year Treasury yield dropped seven basis points to 4.07%.
  • Bitcoin jumped 2.55% to $43,101. 
Read the original article on Business Insider



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