Markets Await Fed’s Stance and Big Tech Earnings Amidst Rally
Markets Await Fed’s Stance and Big Tech Earnings Amidst Rally
The stock market continues its impressive rally, with the S&P 500, Dow, and Nasdaq seeing significant gains since early June. Investor focus this week is squarely on crucial economic data and a series of major corporate earnings reports that could dictate the market’s near-term direction.
The Federal Open Market Committee (FOMC) meeting is currently underway, concluding on Wednesday. While a rate cut is not expected, market participants are keenly awaiting the Fed’s statement for any dovish signals that might point to a September reduction.
Adding to the week’s economic calendar, the Personal Consumption Expenditures (PCE) report, a key inflation gauge, is scheduled for Thursday. Analysts project a 0.3% increase for both headline and core PCE in June, a slight uptick from previous months.
On the corporate front, earnings season remains robust, with a high percentage of S&P 500 companies reporting positive surprises. Following strong reports from Tesla and Alphabet last week, four more “Magnificent Seven” companies are set to release their results. Meta Platforms and Microsoft will report on Wednesday, followed by Apple and Amazon on Thursday. These highly anticipated announcements, alongside the economic data, will be pivotal in determining if the market’s current momentum can overcome August’s historically weaker seasonality.
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