Stock market today: Wall Street drifts in mixed trading at the start of a frenetic week
U.S. stock indexes are drifting in mixed trading ahead of a week full of earnings reports from Wall Street’s most influential companies and a Federal Reserve meeting on interest rates
NEW YORK — U.S. stock indexes are drifting in mixed trading Monday ahead of a week full of earnings reports from Wall Street’s most influential companies and a Federal Reserve meeting on interest rates.
The S&P 500 was up 0.2% in early trading, coming off its first back-to-back weekly losses since April. The Dow Jones Industrial Average was down 102 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.5% higher.
ON Semiconductor helped lead the market and jumped 9.4% after the supplier to the auto and other industries reported stronger profit for the spring than analysts expected. McDonald’s drifted between gains and losses after reporting profit and revenue for the latest quarter that fell shy of forecasts. Analysts said its performance at U.S. restaurants wasn’t as bad as some investors feared.
Even bigger names are set to report later this week: Microsoft on Tuesday, Apple and Amazon on Wednesday and Meta Platforms on Thursday. Their stock movements carry more weight on Wall Street than anyone else’s because they are the largest by market value.
Such Big Tech stocks had been screaming consistently higher, in part due to investors’ frenzy around artificial-intelligence technology, but they’ve run out of momentum this month amid criticism that they’ve grown too expensive, and as alternatives begin to look more attractive. Last week, profit reports from Tesla and Alphabet that investors found underwhelming raised concerns that other stocks in what’s known as the “Magnificent Seven” could also fail to impress.
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