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Stocks closed higher on Monday, with the Dow Jones Industrial Average extending its longest daily profit streak in years.
Sentiment is upbeat ahead of a busy week on Wall Street, with the next Fed meeting starting tomorrow and several mega-cap stocks in the market earnings calendar.
The Federal Reserve begins its two-day policy meeting tomorrow and is widely expected to raise interest rates by 25 basis points (0.25%) when it closes Wednesday. However, what the market cares about most is what the Fed plans to do next. Futures traders are currently pricing in low probabilities for any additional rate hikes in 2023 after this week’s meeting, according to CME group.
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In addition, a deluge of corporate earnings reports is scheduled for the next few days. “About 18% of S&P 500 names have reported and 40% more will release earnings this week,” said Michael Reinking, senior market analyst at the New York Stock Exchange. Big Tech will take center stage in the coming days, with blue chip stocks Alphabet (GOOGL, +1.3%) and Microsoft (MSFT, +0.4%) is expected to report their quarterly results after tomorrow’s close.
Ahead of these major – and potentially market-changing – events, major benchmarks closed slightly higher. The blue chip Dow Jones Industrial Average rose 0.5% to 35,411, marking the 11th straight gain, or the longest daily profit streak since 2017. Nasdaq composite stuck at 0.2% to 14,058, while the broader S&P 500 0.4% added to 4,554.
AMC, Mattel shares climb on Barbie buzz
In single news, AMC Entertainment Holdings (AMC) spiked 33.0% after the movie theater chain said it had its busiest weekend since 2019 thanks to weekend releases of Barbie And Oppenheimer. Separately, AMC CEO Adam Aron said the company has filed a modified proposal to convert its AMC Entertainment Holding (APE, -0.3%) preferred stock to common stock. A Delaware judge on Friday blocked the plan that AMC had previously filed. The meme stock has had a volatile year, but is now up 44% since early 2023.
Mattel (MAT) also got a lift from Barbies blockbuster weekend. Shares in the Barbie toy maker rose 1.8% and are now up 21% for the current year.
Keep an eye on energy stocks as oil prices rise
Stock market gains today were broadly based, with all but two of the 11 S&P 500 sectors closing higher. Energy was by far the best performer, up 1.6% on solid preliminary results from the oil company Chevron (CVX, +2.0%), which reportedly paid out a record $7.2 billion to shareholders buy back shares and dividends in Q2.
Also stimulating oil stocks were rising US crude futureswhich rose 2.2% to $78.74 a barrel – their highest closing price since April.
“Oil is also getting a boost from Wall Street as optimism grows that the Fed’s rate hike campaign appears to be coming to an end,” said Edward Moya, senior market strategist at currency data provider. OANDA. “With Europe lagging behind by a few months, all major economies could see easing as the next step,” adds the strategist. That, in turn, could maintain the bullish momentum in oil prices.
Continued crude oil gains should benefit the top-rated energy suppliesas well as select energy ETFs.
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