Wall Street is showing mixed performance on Tuesday as investors cautiously await the Federal Reserve’s two-day policy meeting and key earnings reports from major tech companies. The S&P 500 futures are up 0.2%, while the Nasdaq futures have climbed 0.3%. However, the Dow Jones Industrial Average opened slightly lower, down 0.1% to 40,510 points.The Federal Reserve’s policy meeting, which begins today and concludes tomorrow, is at the forefront of investor focus. While the Fed is widely expected to keep interest rates unchanged at this meeting, market participants are keenly looking for signals about potential rate cuts, with many economists anticipating easing to begin in September. Jerome Powell, the Federal Reserve chairman, is scheduled to hold a press conference following the meeting, where he may provide insights into the central bank’s future policy direction.Adding to the market’s anticipation are the upcoming earnings reports from Big Tech companies, including Microsoft, Apple, Amazon, Meta, and Alphabet. These tech giants have been instrumental in driving the S&P 500 to record highs this year, and their performance could significantly impact market sentiment. However, recent disappointing results from some tech companies have lowered expectations, with investors now in a ‘show me’ mode, requiring better earnings before committing to further investments.On the economic data front, job openings for June came in at 8.18 million, surpassing economists’ expectations. This data point could influence the Fed’s decision-making process regarding future rate cuts. Meanwhile, the Conference Board’s consumer confidence index, set to be released shortly after market opening, is expected to show a decline.In other market news, oil prices have retreated due to concerns over demand, particularly in China and the US. The yield on 10-year Treasury notes remains stable at 4.18%.
Key points
- Wall Street shows mixed performance as investors await the Federal Reserve’s policy meeting and Big Tech earnings reports.
- The Fed is expected to keep interest rates unchanged, but investors seek signals about potential rate cuts in September.
- Job openings for June exceeded expectations at 8.
- Big Tech earnings, particularly from Microsoft, Apple, Amazon, Meta, and Alphabet, are in focus as they have driven much of the market’s rally this year.
18 million, potentially influencing the Fed’s decision.
Contradictions👾While most sources indicate a cautious or mixed market sentiment, one article reported that US stocks opened higher across all major indices.
