 "US stock market: Wall Street rally wears out ahead of key earnings reports and Fed meeting")
US stock indexes closed mixed on Monday (July 29) 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 rose 4.44 points, or 0.1 per cent, to 5,463.54, recovering from its first back-to-back weekly losses since April. The Dow Jones Industrial Average slipped 49.41 points, or 0.1 per cent, to 40,539.93. The Nasdaq composite edged up 12.32 points, or 0.1 per cent, to 17,370.20.
Market movers
ON Semiconductor led the market with a notable performance after delivering stronger profit than analysts had expected. The chip company’s share price closed out the trading session up 11.5 per cent.
McDonald’s shares closed up 3.7 per cent after announcing that its $5-meal deal, launched late in June, was popular among customers avoiding higher-priced items. Despite this, the fast-food giant reported a surprise drop in sales, its first in 13 quarters.
The shares of Abbott Laboratories pared earlier losses to close down 0.4 per cent after a jury ordered the healthcare company to pay $495 million in damages following a trial that found its formula for premature infants had caused a dangerous illness.
Crypto stock trading was also choppy. Coinbase Global closed down more than 3 per cent, while Riot Platforms and Marathon Digital finished down more than 5 per cent after initially jumping early in the day when bitcoin prices hit seven-week highs.
Impact Shorts
More ShortsThe week ahead for Wall Street
Markets are largely in wait-and-see mode ahead of big economic news this week.
Reports from major tech companies, including Microsoft, Apple, Amazon, and Meta Platforms, are expected later this week. Additionally, a meeting by the Federal Reserve is on the horizon, where officials may hint at a potential rate cut arriving in September.
On Friday, investors will closely monitor the July non-farm payrolls report for any signs of possible weakening in the labour market.
With inputs from agencies
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