NEW YORK: Wall Street stocks climbed early Monday ahead of a news-jammed week that includes major corporate earnings and central bank decisions.
The Federal Reserve is widely expected to lift interest rates on Wednesday, but the central bank’s statements will be scrutinized for clues on possible additional increases later in 2023.
The reporting season for second-quarter corporate results also kicks into high gear with announcements from Microsoft, Facebook parent Meta Platforms, Boeing and McDonald’s, among others.
Wall St Week Ahead-Relentless US stock rally faces Fed test
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 35,324.97.
The broad-based S&P 500 gained 0.3 percent to 4,550.76, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 14,063.83.
Analysts are keenly watching for results from Microsoft, whose advances on artificial intelligence have been a catalyst for the broader market in 2023.
“There is a view that perhaps Microsoft’s earnings and guidance is more important than even the Federal Reserve meeting,” said LPL Financial’s Quincy Krosby.
Among individual companies, Chevron gained 1.5 percent as it announced earnings highlights that put second-quarter profits above expectations.
The oil giant also announced that it waived the mandatory retirement age of 65 for Chief Executive Mike Wirth, who will turn 63 this year.
Comments
Comments are closed.