US stocks continue to rise, closing at new highs ahead of major corporate earnings
US stocks closed at new highs as investors prepared to cash in on huge tech profits in the fourth quarter.
Apple, Microsoft, Amazon, Alphabet and Meta are set to report earnings this week.
The week will conclude with the Fed’s interest rate decision and January jobs report.
apple, Microsoft, Amazon, the alphabetAnd Meta platformswhich cumulatively represents nearly $10 trillion in market capitalization, is scheduled to report fourth-quarter earnings results this week, and the results could set the tone for the stock market for weeks to come.
So far, 25% of S&P 500 companies have reported fourth-quarter earnings results, with 71% of those companies beating earnings estimates by an average of 7% and 68% of those companies beating revenue estimates by an average of 2%, according to Data from Fundstrat.
On Wednesday, investors will be squarely focused on the Fed meeting which will include an interest rate decision followed by a press conference by Fed Chair Jerome Powell. Current market expectations are for the Federal Reserve to keep interest rates unchanged. Investors will have to look at the January jobs report on Friday to end the week.
Here is where US indices stand at the closing bell at 4:00pm on Monday:
Here’s what else happened today:
In commodities, bonds and cryptocurrencies:
gold It rose 0.71% to $2,031.60 per ounce.
The yield on 10-year Treasury bonds fell seven basis points to 4.07%.
Bitcoin It jumped 2.55% to $43,101.
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