US stocks moved lower during mid-day trading on Monday as investors await a booming week that includes the latest Federal Reserve meeting, a series of heavy earnings reports, and jobs data.
S&P 500 Index (^ The Salafist Group for Preaching and Combat(down by 0.6%, while the Dow Jones Industrial Average (^ DJI) lost nearly 0.2% during midday trading. Nasdaq Technology Heavy Composite (^ ix) decreased by approximately 1.2%
The yield on the 10-year US Treasury rose to 3.551%. on Monday morning. The dollar index rose 0.06% to $101.99.
Stores Close out a winning week on Friday After data indicated stronger-than-expected US economic growth, while Tesla shares jumped more than 10% after that. Quarterly log reporting Revenues.
All major market averages closed higher for the week, with the S&P 500 up 2.5%, the Dow Jones Industrial Average up 1.8%, and the heavy Nasdaq Composite up north of 4%.
The Commerce Department said on Friday that the personal consumption expenditures (PCE) price index, excluding energy and food, showed prices rising 4.4% from a year earlier. Friday’s report came a day after the government reported a better-than-expected gain of 2.9% in gross domestic product for the fourth quarter, boosting hopes that the Federal Reserve may be heading for the far-fetched “soft landing” scenario.
Federal Reserve officials will meet in Washington, DC, on Tuesday and Wednesday. The meeting will conclude with Fed Chairman Jerome Powell holding a press conference on Wednesday afternoon where he will provide clues on the central bank’s path forward in raising interest rates.
The FOMC’s work is not yet finished, even if recent declines in inflation and wage growth have given it more time to assess the effects of past policy actions. The FOMC’s main challenge will be to carry out its transition to lower interest rate increases without increasing expectations that the end of the hiking cycle is imminent,” the team at Barclays wrote.
At the end of the week, investors will get another clue to the Fed’s path as the government’s jobs report for January is due to be released on Friday morning. Economists polled by Bloomberg expect 185,000 jobs were added to the economy last month, a slowdown from the gain of 223,000 jobs in December.
Meanwhile, this week is the biggest week of the fourth-quarter earnings season, with the results of major technology companies the highlight Amid layoffs of thousands of workers in the industry. Despite the already announced cuts, tech companies are part of it Blame it for the disasterDan Hawley of Yahoo Finance wrote.
The list of huge earnings includes reports from tech heavyweights Amazon (AMZN), an Apple (AAPL), the alphabet (The Google) and Meta Platforms (meta).
Elsewhere in the markets, Lucid shares (LCID) sank nearly 2% at the opening bell. On Friday, the electric car maker jumped more than 88%. after speculation The Saudi Public Investment Fund (PIF) is considering buying its remaining stake in the company.
Ali Baba (BabaShares fell 5% on Monday after reports that the Chinese e-commerce site was moving its headquarters out of the country, suggesting the new campus could be in Singapore, According to reports.
SoFi Technologies (SufiShares rose 13% Monday morning after the digital financial services company reported positive earnings guidance for the coming year.
In the cryptocurrency market, Bitcoin (BTC-USD) fell by more than 1% to $23,168 over the past 24 hours, according to CoinMarketCap. However, the largest token is on track for its best performance in the month of January since 2013. in bloombergbased on bets that monetary tightening and the sector’s crisis will recede.
Danny Romero is a reporter at Yahoo Finance. Follow her on Twitter @tweet
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