US stocks edge up ahead of action-packed week for earnings and the economy

• US stocks moved slightly higher Monday as investors gear up for a jam-packed week of earnings and economic data.

• Mega-cap tech companies Apple, Microsoft, Amazon, and Alphabet are set to release earnings this week.

• An interest rate decision from the Federal Reserve and the January jobs report will cap off the week.

---

US stocks were little changed in morning trades on Monday as investors gear up for an action-packed week of earnings and economic data.

Mega-cap tech stocks Apple, Microsoft, Amazon, and Alphabet will release their fourth-quarter earnings results throughout the week, and the results could set the tone of the stock market for weeks to come.

So far, 25% of S&P 500 companies have reported their fourth-quarter earnings results, with 71% of those companies beating profit estimates by a median of 7% and 68% of those companies beating revenue estimates by a median of 2%, according to data from Fundstrat.

On Wednesday, investors will be squarely focused on the Federal Reserve's meeting which will include an interest rate decision from Fed Chairman Jerome Powell. Current market expectations are for the Fed to keep interest rates unchanged. Investors will have to navigate a January jobs report on Friday to cap off the week.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday: 

• S&P 500: 4,893.61, up 0.04%

• Dow Jones Industrial Average: 38,135.34, up 0.06% (+24.65 points)

• Nasdaq Composite: 15,466.77, up 0.07%

Here's what else is going on today: 

• Elon Musk's net worth has declined by $30 billion so far this year to just under $200 billion amid a 26% decline in Tesla stock.

• The collapse of China Evergrande, the massively indebted Chinese real estate company, has begun with a Hong Kong court ordering the firm to liquidate.

• Consumer sentiment towards the US economy has taken a big swing upwards, all thanks to falling gas prices and a booming stock market.

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil fell 0.81% to $77.38 a barrel. Brent crude, the international benchmark, dropped 0.74% to $82.93 a barrel.

• Gold climbed 0.90% to $2,035.40 per ounce.

• The 10-year Treasury yield dropped seven basis points to 4.11%.

• Bitcoin declined by 0.15% to $41,966.

Read the original article on Business Insider