Stocks Static Ahead of Tech Earnings - InvestingChannel

Stocks Static Ahead of Tech Earnings

Stocks were trading near flat Monday as investors awaited a slew of corporate earnings from big tech companies, as well as fresh economic data releases.

The Dow Jones Industrials grabbed 49.39 points to start Monday at 33,858.35.

The S&P 500 moved higher 6.53 points to 4,140.05.

The NASDAQ weakened 1.37 points to 12,071.09.

Wall Street is looking ahead toward mega-cap tech earnings results this week in what will mark the halfway point of earnings season.

Alphabet, Microsoft, Amazon and Meta are among the high-interest names scheduled to announce their results for the first quarter.

Roughly 76% of S&P 500 companies that have reported earnings through Monday morning beat analyst earnings estimates, according to FactSet data. However, first-quarter earnings for S&P 500 companies are estimated to decline an overall 5.2%.

Investors are also keeping a close eye out on new economic data that will provide insight into whether inflation is cooling, or if the Federal Reserve will announce another rate hike at its next meeting in early May. GDP numbers for the first quarter, as well as April’s consumer sentiment data will be released among a flurry of other economic indicators.

Prices for the 10-year Treasury gained back lost ground, lowering yields to 3.54% from Friday’s 3.57%. Treasury prices and yields move in opposite directions.

Oil prices regained 82 cents to $78.69 U.S. a barrel.

Gold prices dipped $1.30 to $1,989.20 U.S. an ounce.

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