the index dow jones rose on Monday, as investors geared up for the monetary policy meeting of the Federal Reserve and for the dissemination of results of some of the largest companies in the United States this week, seeking to assess the impact of dollar strong and give inflation high.
Meanwhile, the Nasdaq recorded losses, reflecting a decline in the shares of the Microsoft.
Apple Inc, Amazon.com Inc, Alphabet Inc, Microsoft Corp and Meta Platforms Inc, which together account for $8.9 trillion in market capitalization, or a quarter of the total S&P 500will release their quarterly results this week.
“The really big part of the results season is here. So with confidence recovering now, it could also quickly dissipate if we have disappointments with companies like Google and Microsoft on Tuesday,” said Dennis Dick, retail trader at Triple D Trading.
Stocks of high-growth companies had mixed performance in the first hour of trading.
Microsoft was down 0.5% after the Wells Fargo cut the price target for the company’s shares, citing inflation, interest rate hikes and a stronger dollar as risks to its balance sheet.
A stronger dollar is seen as a hindrance for US companies, especially those with large global operations. The currency index against strong pairs recently hit 20-year highs.
The Fed is expected to make another 0.75 percentage point hike in its interest rate at the end of its two-day policy meeting on Wednesday.
The focus of investors will also be on the institution’s chair’s press conference, Jerome Powellafter the central bank’s decision, looking for clues about the authorities’ thinking about the next rate increases. feesamid fears that aggressive tightening could push the economy into recession.
At 11:48 (GMT), the S&P 500 index was down 0.13% to 3,956.64 points, while the Dow Jones was up 0.22% to 31,971.06 points. The Nasdaq Composite technology index fell 0.58% to 11,765.11 points.
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I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.