Stock futures for the Dow Jones, S&P 500, and Nasdaq 100 barely budged on Monday ahead of Tuesday’s market opening. Investors are looking forward to earnings reports from major tech companies this week, including Microsoft, Boeing, Tesla, Meta Platforms, and Alphabet.
Several companies reported earnings on Monday after the market closed. Cadence Design Systems and Nucor stocks fell after their reports, while Packaging Corporation of America rose slightly.
This week’s economic data will include the first-quarter GDP and the PCE price index, a key inflation gauge for the Federal Reserve. The GDP data is expected to show slower growth compared to the last quarter, and the PCE index is likely to indicate continued inflation.
The major stock indexes all gained ground on Monday. The Dow rose 0.7%, the S&P 500 climbed 0.9%, and the Nasdaq advanced 1.1%.
Nvidia rebounded from its recent plunge, but its stock is still trading below its key 50-day moving average. Apple and Microsoft also closed higher on Monday.
Investors should watch out for earnings reports from Alphabet, Dexcom, On Holding, Tradeweb Markets, and American Express this week.
Oil prices fell slightly, with West Texas intermediate settling around $82 a barrel. The 10-year Treasury yield also dipped to 4.61%.
The current market correction is a good time to stay informed with IBD’s market analysis. IBD also offers resources for finding stocks with bullish patterns and potential breakouts.
American Express is a stock to watch, as it’s bouncing back from its 50-day moving average on strong earnings and a positive outlook.
Disclaimer: The information contained in this article is for informational purposes only and should not be considered financial advice. Investing involves risk, including the potential loss of principal. Always consult with a qualified financial professional before making any investment decisions.
