Mixed trends prevailed today in Wall Street, which is gearing up for a very “busy” week with statistics, second-quarter corporate results and central bank meetings, including the Federal Reserve.
O S&P 500 marginally strengthened by 0.08% to close at 5,463.54 units, while Nasdaq closed at 17,370.20 points, up 0.07%. The Dow Jones Index however, it closed with losses of 49.41 points or 0.12%, at 40,539.93 points.
Shares of On Semiconductor surged 11.5% after reporting better-than-expected earnings and revenue, becoming the best-performing stock in the S&P 500. Tesla also gained 5.6%, after Morgan Stanley projected the electric car maker’s stock as its top pick.
This week’s major tech earnings will determine whether tech stocks can bounce back from last week’s losses. Microsoft, Meta, Apple and Amazon will report second-quarter earnings in the coming days.
The Federal Reserve’s meeting, which ends on Wednesday, is also seen as a pivotal point. It is not expected to cut rates from the current 5.25% to 5.50%, but traders will be looking for signs of whether it will take any action at its September meeting.
“A market that’s moving tends to stay moving, and that’s what’s encouraging investors right now,” said Sam Stovall, a strategist at CFRA Research.
Last week was particularly turbulent for Wall Street, although it managed to trim losses towards the end: the S&P 500 fell 0.8%, while the Nasdaq posted losses of 2.1%. However, the Dow Jones gained 0.85% on the week and the Russell 2000 index of small-cap stocks rose 3.5%.