1 Stock to Buy, 1 Stock to Sell This Week: McDonald’s, Snap
Stocks on Wall Street ended mixed on Friday, as investors weighed the latest round of corporate earnings results while continuing to focus on the outlook for the economy and monetary policy.
The Dow Jones Industrial Average rose marginally to notch its tenth straight day of gains, its longest rally since August 2017.
For the week, the blue-chip Dow advanced 2.1%, the S&P 500 added 0.7%, while the tech-heavy Nasdaq fell 0.6%.
The blockbuster week ahead is expected to be an eventful one filled with several market-moving events, including a key Fed rate decision, as well as a flurry of heavyweight earnings reports and economic data.
After a June pause, the U.S. central bank is widely expectedto raise the target range for the Federal funds rate by a quarter point to 5.25% to 5.50% at the conclusion of its two-day policy meeting on Wednesday.
Fed Chair Jerome Powell’s comments on the future direction of monetary policy will be in focus as investors ramp up bets that the upcoming rate hike will be the last one in the Fed’s current tightening cycle.
Besides the Fed, most important on the economic calendar will be the core personal consumption expenditures (PCE) price index, due on Friday.
In addition, there is also important second-quarter GDP data due on Thursday, which will provide more clues as to whether the economy is heading for a recession.
Meanwhile, the earnings season hits full swing, with mega-cap tech companies Microsoft (NASDAQ:MSFT), Google-parent Alphabet (NASDAQ:GOOGL), and Meta Platforms due to report.
These mega-caps will be joined by big names like Boeing (NYSE:BA), Intel (NASDAQ:INTC), Coca-Cola (NYSE:KO), Ford (NYSE:F), General Motors (NYSE:GM), Visa (NYSE:V), Mastercard (NYSE:MA), ExxonMobil (NYSE:XOM),
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