US: Dow, S&P 500 end at fresh records ahead of big tech earnings
BOTH the Dow and S&P 500 notched fresh records on Monday (Jan 29), with the buoyant session kicking off a heavy news week that includes tech titan earnings and a Federal Reserve interest rate decision.
The Dow Jones Industrial Average rose 0.6 per cent to finish at 38,333.45, a third straight all-time high, while the broad-based S&P 500 returned to record territory with a 0.8 per cent gain to 4,927.93.
The tech-rich Nasdaq Composite index climbed 1.1 per cent to 15,628.04.
This week’s heavy schedule of earnings includes most of the biggest tech giants, such as Microsoft, Google parent Alphabet, Apple and Facebook parent Meta.
Last week’s results from Netflix wowed markets, while fellow tech giant Tesla sank after a disappointing report and outlook.
Markets are girding for the Fed to again keep interest rates unchanged.
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But investors are also expecting “that the Fed is going to say that inflation is pretty much on target” and “well anchored”, said Peter Cardillo, Spartan Capital.
Investors are also “looking for some sort of time frame for the first rate cut”, Cardillo said.
The yield on the 10-year US Treasury note pulled back after the Treasury Department disclosed that it expects less borrowing in the first quarter compared with its October 2023 estimate.
Among individual companies, iRobot dropped 8.8 per cent after Amazon withdrew a plan to acquire the autonomous vacuum maker as the EU’s antitrust authority objected to the plan over competition concerns.
Amazon gained 1.3 per cent. AFP
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