US stocks closed mostly flat on Monday to kick off a big week filled with a Federal Reserve rate decision, the jobs report, and Big Tech earnings.
The Dow Jones Industrial Average (^IXIC) closed down 0.1%, coming off a surge of over 650 points for the blue-chip index on Friday. The S&P 500 (^GSPC) gained nearly 0.1% while the tech-heavy Nasdaq Composite (^IXIC) rose just above the flatline.
Stocks kicked off the week on the front foot after surging on Friday, as investors welcomed a promising inflation reading that cemented bets for interest-rate cuts. But after a volatile run of sessions and a huge tech sell-off, the watch is on for surprises that could put the fragile rally to the test.
No move is expected from the Federal Reserve at the end of its meeting on Wednesday, despite signs the US economy and inflation have hit a sweet spot. Many on Wall Street see other reasons for the central bank to wait until September to act.
The July nonfarm payrolls report that follows on Friday — expected to show cracks in the jobs market — will play into after-the-fact calculations on timing and depth of rate cuts in 2024.
Looming earnings this week from Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), and Meta (META) also have investors on alert, given the stock wipeout that followed the first pair of "Magnificent Seven" results.
On Monday shares of EV giant Tesla (TSLA) gained more than 5% after Morgan Stanley's Adam Jonas designated the stock a 'top pick.' McDonald's (MCD) stock rose despite an earnings miss across the board as consumers pulled back on spending at the fast food chain.
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Ines Ferré
Stocks end session mixed ahead of big week for markets
US stocks ended the session mixed on Monday, kicking off a big week on Wall Street amid a Federal Reserve rate decision, the jobs report, and Big Tech earnings.
The Dow Jones Industrial Average (^IXIC) fell 0.1% after soaring over 650 points on Friday. The S&P 500 (^GSPC) gained 0.1% while the tech-heavy Nasdaq Composite (^IXIC) rose almost 0.1%.
Among Monday's big movers, Tesla (TSLA) shares gained more than 5% after a bullish call from Morgan Stanley. McDonald's (MCD) stock rose more than 3% despite an earnings miss across the board as consumers pulled back on spending at the fast food chain.
Investors will hear from a slew of Big Tech heavyweights this week, starting with Microsoft (MSFT) which is set to report on Tuesday after the closing bell. Apple (AAPL), Amazon (AMZN), and Meta (META) will release their quarterly results later this week.
On Wednesday afternoon Federal Reserve officials will announce their interest rate decision after their two-day meeting. Investors widely expect the central banks to set the stage for a September rate cut.
The July jobs report will be released on Friday.
Ines Ferré
Lamborghini bucks softness in luxury market with record first-half results
Italian luxury automaker Lamborghini delivered stellar results in the first half of 2024 despite a subdued selling environment for high-end automobiles and luxury goods in general.
Lamborghini, part of Volkswagen's (VWAGY) Audi Group that includes Audi, Lamborghini, Ducati, and Bentley, reported record revenue of 1.6 billion euros ($1.762 billion) for the first six months of 2024, a 14.1% jump from a year ago. Operating profit hit another record of 458 million euros ($495 million).
Lamborghini delivered 5,558 cars in the first half, another all-time high, powered by sales of the Revuelto hybrid supercar, outgoing Huracán two-seater, and the Urus SUV that now comes in hybrid SE trim.
Tesla jumps more than 5% on bullish call from Morgan Stanley
Tesla (TSLA) stock gained more than 5% on Monday following a bullish call from Morgan Stanley's Adam Jonas.
The analyst designated the electric vehicle maker as a top pick, citing Tesla's potential to generate positive cash flow after implementing cost-cutting and restructuring measures.
Tesla shares rallied for much of June but started to show signs of pullback earlier this month. The stock tanked more than 12% in one session last week after the company posted mixed second quarter results revealing growth this year would be "notably lower" than what it saw in 2023.
Ines Ferré
Apple gives developers first taste of Apple Intelligence with iOS 18.1 developer beta
Apple (AAPL) is giving developers an early look at its upcoming Apple Intelligence AI platform with the release of its latest developer betas for iOS, iPadOS, and MacOS on Monday. The betas, called iOS 18.1, iPadOS 18.1, and macOS Sequoia, are the first to include Apple’s highly anticipated Apple Intelligence software, which the company debuted at its Worldwide Developer Conference (WWDC) in June.
Apple’s developer beta program gives app creators access to upcoming versions of the company’s software to test it and incorporate its features into their own apps. Apple also releases public betas for regular users to try its latest software offerings before making them generally available in the fall.
The cryptocurrency climbed above $69,000 before paring gains on Monday after Republican presidential candidate Donald Trump spoke at a bitcoin conference in Nashville over the weekend.
Trump promised pro-crypto initiatives, including the establishment of a "strategic national bitcoin stockpile."
Ines Ferré
Investors are betting the Fed will use its July meeting to set the stage for a September cut
Most Federal Reserve watchers don’t expect the central bank to ease monetary policy this week in Washington, D.C., but what they do expect is that policymakers will set the stage for an interest rate cut at their next meeting in September.
Fed officials have said they are getting closer to having confidence inflation is sustainably dropping to their 2% goal. They have also said they are paying more attention to rising unemployment, another sign that cuts may be nearing.
But most Fed watchers say the central bank still needs just a bit more time to be sure, while also preparing the markets for the significant action to come.
"The pressure is growing for them," said former Kansas City Fed president Esther George. "I think that they are going to look at September very seriously. It’s looking to me like we are coming to a time where that decision is more important and it's why I'm more confident."
Stocks rose on Monday after briefly turning negative during the session.
The Dow Jones Industrial Average (^DJI) was little changed after falling more than 100 points in morning trading.
The S&P 500 (^GSPC) gained 0.2% while the tech-heavy Nasdaq Composite (^IXIC) climbed back into green territory to rise 0.2% after briefly turning negative.
Ines Ferré
Starbucks expected to report weak sales as it pushes popping pearls and value plays
Yahoo Finance's Brooke DiPalma reports:
Starbucks (SBUX) investors are cautious ahead of its Tuesday earnings report.
Its shares are down nearly 28% compared to a year ago, when the coffee giant painted a picture of a resilient consumer with 10% sales growth. Now, different expectations are on tap.
Q3 revenue is expected to grow 0.37% to $9.20 billion, per Bloomberg consensus estimates. Adjusted earnings per share are expected to be $0.92, compared to $1.00 a year ago.
Stocks erased earlier session gains to hover below the flatline on Monday.
The Dow Jones Industrial Average (^DJI) lost roughly 100 points after initially opening higher. The S&P 500 (^GSPC) fell 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) also fell below the flatline after gaining as much as 0.9%.
Ines Ferré
Bitcoin hovers near $69,000 following Trump pro-crypto speech
Bitcoin (BTC-USD) traded near the $69,000 per token level on Monday after former President Donald Trump pushed a pro-crypto agenda at a bitcoin conference over the weekend.
Trump was the keynote speaker at Bitcoin 2024 on Saturday in Nashville The Republican presidential candidate said he plans to make the US the "cryptocurrency capital of the world" if elected in November. He also proposed the creation of a “national bitcoin stockpile.”
McDonald's stock rises despite Q2 earnings miss as consumers pull back on dining out
McDonald's (MCD) shares rose on Monday morning, recovering from an initial negative reaction at the market open following the fast food chain's quarterly results.
McDonald's customers are tightening their belts again in Q2, as they grapple with paying up for their Big Mac.
On Monday morning, the company reported Q2 earnings that missed Wall Street estimates across revenue, earnings, and same-store sales, proving not even America's most dominant fast food player is immune to the challenging macro conditions.
Shares of the fast food chain initially opened lower, but quickly recovered to gain as much as 3% in early trading.
Ines Ferré
Stocks open higher to kick off big week on Wall Street
Stocks stepped higher on Monday to kick off a big week filled with a Federal Reserve rate decision, the jobs report, and tech earnings.
The Dow Jones Industrial Average (^DJI) moved up slightly, coming off a recent surge of over 650 points. The S&P 500 (^GSPC) added about 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.5%.
The Federal Open Market Committee will hold its scheduled two-day meeting this week, with no rate move expected by Federal Reserve officials on Wednesday. Most investors see policymakers waiting until September to cut interest rates.
Big Tech earnings are due this week, including from Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Meta (META).
Brian Sozzi
A morning chart to leave you thinking
And so begins an insanely busy week for investors.
Investors start the week bruised by the surprise tech sell-off last week, which may just be getting going, reports Yahoo Finance's Seana Smith.
RBC strategist Lori Calvasina puts some context around the tech stall-out below.
India's trade minister on Saturday said the country has sought a critical mineral partnership agreement with the United States as he hopes for talks on a broader trade pact between the two nations. "I had suggested that critical mineral MoU (memorandum of understanding) to be converted to a critical mineral partnership and become a starting point to become an FTA (Free Trade Agreement)," Piyush Goyal told reporters at a press briefing in New Delhi. Earlier this month, India and U.S. signed an initial pact to cooperate on strengthening supply chains in the two countries for lithium, cobalt and other critical minerals used in electric vehicles and clean energy applications.
In an increasing number of American households, the role of primary breadwinner is going to the female partner. Men still bear that title in a majority of marriages, according to the Pew Research Center. But the share is declining and many families are inching closer to a state of parity where the husband and wife each earn between 40% and 60% of the household income. “I think when women take on more financial responsibilities that it does impact the household in other ways,” said Jamila Souffrant, a personal finance educator, writer, and podcaster. “As women, as breadwinners, we need to decide or understand what it is we’re willing to give up so we can get our time back, our energy back and so we can do more with our family or with our finances.” Souffrant worked in a corporate job until deciding to strike out on her own as an entrepreneur. She created a blog, “Journey to Launch,” about striving for financial independence. It became a podcast and ultimately her career as a financial educator. She had a captive audience: her own three children. “Children, it’s so important for them to see their mothers, the women in their household working or at least appreciating the work they do,” she said. “Sometimes my kids think — or used to think — I didn’t work because I had the flexibility to be at home because I was an entrepreneur.” The shift in roles can and should be empowering, Souffrant said. “For us as breadwinners, or if you’re even making as much as you’re partner or less, I believe that we should have an equal say. We should understand and be a part of the decision-making process,” she said. “And so that means asking questions, getting access to the accounts, not just relying on … your husband to do all the work for you. “It’s so important that we have that say, that we are inputting our decisions and our thoughts because we are as a whole community in our household and we are leading it together with our spouse.”You can find our Breaking Barriers: Women's Financial Freedom Panel here or watch on your preferred streaming service.
Footage of the pair attending the Balenciaga show on 30 September went viral over the weekend and the clip seemed to suggest they were on frosty terms. In the video, Nicole was seen pushing Salma's hand away as they posed for a photo with Katy Perry. As a photographer asked for one more shot, Salma reached for Nicole - who had her back to the cameras at the time - in an attempt to get her to face towards the cameraman. However, a seemingly unimpressed Nicole appeared to grab Salma's hand from her side and push it away.
This 11-year-old enjoys having her hair and nails done and feels pretty with beaded braids. She hopes to be a fashion designer or run her own nail salon one day.
G2S2 Capital Inc., under it's banner Armco Alberta, is proud to announce the acquisition of Bow Valley Square, an iconic four-tower, LEED Platinum-certified office complex in the heart of downtown Calgary. This marks a significant milestone for us as we continue to expand our presence in one of Canada's most dynamic business markets.
Some First Nations chiefs in Alberta are calling for more collaboration and consultation from the federal government after a child welfare reform deal was rejected.The $47.8 billion agreement was debated at the Assembly of First Nations in Calgary, but was struck down on Thursday. Since then, First Nations chiefs and proxies have voted on a new negotiation, involving a national Children's Chiefs Commission, as well as a new legal team. Cody Thomas, chief of Enoch Cree Nation and grand chief Conf
A funeral home in Poland issued an unusual apology on Saturday after a corpse that it was transporting fell out of a hearse and into traffic. Polish media reported that a man was driving down a street Friday in Stalowa Wola, a city in southeastern Poland, when he first saw a sheet on his car window. Local media published an image of the corpse lying on a white stripped pedestrian crossing where it tumbled out of the hearse.
The world’s final glimpse of Hamas’ leader was rough and raw, showing him wounded and cornered as he sat in a bombed-out Palestinian home and faced down the Israeli drone filming him, hurling a stick at it.
It's because of the quick response of the medical runners who helped Kelsey Sabo, who suffered a heat stroke during a race, that inspired her to become a nurse and help others. Dr. Matthew Sedgley explains how heat stroke is lethal but 100% treatable.
The ability to travel, financial barriers, and wait times are exacerbated by natural disasters, tacking on time and constraints to an already-restricted procedure, writes Kelly Rissman