The New York Stock Exchange saw a mix of activity on Monday as U.S. stock futures remained relatively unchanged following a positive start to the week. Investors are gearing up for a busy week ahead, with megacap earnings, the Federal Reserve interest rate decision, and the upcoming jobs report all on the horizon.
Despite a recent rally in the market, stocks are on track to break a six-month winning streak, with the Dow Jones Industrial Average futures falling slightly by 0.03% and S&P 500 futures sliding 0.04%. However, Nasdaq 100 futures managed to climb 0.02%.
The positive session on Wall Street was fueled by a surge in Tesla’s stock after the company reached a significant milestone in rolling out advanced driver-assistance technology in China. Apple also saw a boost following a bullish upgrade. The S&P 500 and Nasdaq Composite both saw gains, while the Dow Jones Industrial Average climbed by 0.38%.
Despite recent gains, stocks are facing their first losing month since October, with expectations for rate cuts dropping significantly compared to the beginning of the year. The Federal Reserve is expected to keep interest rates steady during their upcoming meeting, but investors are wary of any hawkish comments from Fed Chief Jerome Powell in light of recent inflation reports.
The week ahead is packed with corporate earnings reports, with Amazon and Apple set to announce their quarterly results. Other companies such as McDonald’s, Coca-Cola, and Starbucks are also expected to release their earnings. Additionally, the April jobs report is anticipated at the end of the week, adding to the anticipation and uncertainty in the market.
