The S&P 500 rose Monday as Wall Street geared up for a busy week of corporate earnings.
The broad market index gained 0.2%, and the Nasdaq Composite advanced 0.3%. The Dow Jones Industrial Average gained fell 94 points, or 0.2%.
This week’s earnings slate will play a role in determining whether tech stocks can now bounce back. Microsoft, Meta Platforms, Apple and Amazon are all set to report their quarterly results in the coming days.
Another key event this week will be the Federal Reserve meeting, with the central bank set to release a new policy statement on Wednesday. The Fed is not expected to cut interest rates this week, but traders will be looking for clues as to how likely the central bank is to make a move at its September meeting.
Monday’s moves comes after a volatile week in the stock market. The S&P 500 dipped 0.8% to end the week, while the tech-heavy Nasdaq Composite fell 2.1%. However, the Dow rose 0.8% and the small-cap Russell 2000 rose 3.5%.
The recent cooling off of the tech trade has dragged some the major market indexes lower, but the catch-up of areas like small caps has been encouraging to many market strategists.
“Now that we’re seeing more participation, even though it’s caused some volatility over the past few weeks, I think this is ultimately a better story for long-term investors as we move forward,” said Callie Cox, chief market strategist at Ritholtz Wealth Management.
Source Agencies
