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Market Focus: Fed Decision, Big Tech Earnings, and AI Stocks
2024-07-29 14:59:09
Markets
Technology
Artificial Intelligence

Market Focus: Fed Decision, Big Tech Earnings, and AI Stocks

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As the market awaits the Federal Reserve's decision, the focus is on Big Tech earnings and the impact of artificial intelligence. Dow Jones futures are rising, with sectors like housing, industrials, and energy performing well.

Chip stocks are also in focus. Microsoft has launched an AI search engine, while Apple is set to release iOS 18.1 with AI features.

However, the CEOs of Meta and Alphabet have warned of investment risks in AI. Tesla and Alphabet stocks have tumbled on earnings.

Investors are hoping for rate cut signals from the Fed, but a hawkish stance may pressure equities. The market also looks to employment reports for labor market clues.

Overall, this is a make-or-break week for the markets, with tech earnings and central bank rate decisions in focus.

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Stock Market Today: Stocks end mixed as tech bounce falls short

Stocks ended mixed Thursday, with the Dow Jones Industrial Average finishing up 0.20%, while the S&P 500 and Nasdaq slipped. The sell-off in megacap tech stocks continued, dragging down the broader market. The Commerce Department reported a 2.8% increase in GDP last quarter, but expectations for Fed rate cuts remain. Bristol Myers Squibb and Colgate-Palmolive are expected to release quarterly updates. Nvidia shares extended their slump, and American Airlines slashed its profit forecast. Global stocks and oil prices slumped. The yen rose against the dollar. Futures contracts suggest a decline in the S&P 500 and Nasdaq. The VIX index, a measure of market volatility, rose significantly. Ford, IBM, and Southwest Airlines were among the stocks on the move. Overseas markets, including Europe's Stoxx 600 and Japan's Nikkei 225, also experienced declines. Earnings reports from tech giants and key economic data will be watched closely.

Asian Stocks Rise Ahead of Central Bank Meetings

Asian markets saw gains as 3M's strong earnings boosted Wall Street. U.S. inflation rose by 2.5%, pushing oil prices up. The Japanese yen weakened against the U.S. dollar in anticipation of a potential rate hike by the Bank of Japan. Investors are closely watching global central banks amid expectations of rate cuts and economic data releases from China and Australia. Hong Kong stocks surged on positive China industrial profits, with eyes on the Politburo meeting. The U.S. dollar strengthened against the Vietnamese dong and the yen amid Middle-East tensions. Market focus remains on upcoming central bank decisions by the Bank of Japan, Federal Reserve, and Bank of England, alongside earnings reports from tech giants.

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