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The Dow Jones New York Stock Exchange index closed positive on Monday (January 29) as investors watched the Federal Reserve’s (Fed) meeting and the results of major technology companies. and important US economic data this week Especially the numbers of non-agricultural employment.
The Dow Jones Industrial Average closed at 38,333.45 points, up 224.02 points or +0.59%, the S&P 500 index closed at 4,927.93 points, up 36.96 points or +0.76%, and the Nasdaq index closed at 15,628.04 points, up 172.68 points or +1.12%.
The Dow and S&P 500 both closed at new highs, while the Nasdaq climbed more than 1% before big-cap technology companies released earnings this week. This includes Alphabet, Microsoft, Qualcomm, Apple, Amazon and Meta Platforms. Other listed companies set to release earnings this week include: General Motors (GM), Boeing, Exxon Mobil and Chevron
Ten of the 11 stocks included in the S&P 500 index closed in positive territory, led by the luxury goods index, which rose 1.37%, and the technology index, which rose 0.97%. The energy index fell, following the direction of WTI oil prices.
Tesla shares rose 4.2% after the company revealed plans to spend more than $10 billion in capital expenditures (Capex) this year. This news is a factor supporting the stock price recovery. After Tesla stocks fell heavily earlier. This is due to reporting lower-than-expected profits and revenues in 4Q2023.
Meta Platforms shares rose 1.7% to close at $401.02 after analysts at Jefferies Co. Increased Meta’s share price target to $455 from the previous level of $425.
Shares of Warner Bros. Discovery fell 1.3% after Wells Fargo analysts downgraded Warner Bros. shares to “equal”. weight” from the “overweight” level
Chris Larkin, analyst at E-Trade, said: “This is an important week. There will be reports on the operating results of major technology companies, employment figures. and the results of the Fed meeting We expect that the market will be able to maintain its positive momentum. Earnings should not be disappointing, employment numbers should be strong. But it’s not too hot. and the results of the Fed meeting that sent a positive signal to the market.”
The Fed’s Monetary Policy Committee (FOMC) is scheduled to meet for the first time today (Jan. 30) and will announce its meeting resolution on Wednesday, Jan. 31, or in the early morning of Thursday the 1st. February Thai time, the latest CME Group’s FedWatch Tool indicates that investors give almost 100% weight to the Fed to maintain interest rates at 5.25-5.50% in this meeting.
As for the direction of interest rates in the future, The results of a Reuters survey indicate that Most analysts expect the Fed to cut interest rates in the second quarter of this year, and it is more likely to happen in June than in May.
Investors are also closely watching important US economic data this week. To assess the Fed’s interest rate trends Today the November house price index from S&P/Case-Shiller will be revealed. Including job opening numbers and labor turnover rate (JOLTS) for December.
On Wednesday, ADP’s private sector employment numbers for January will be released. On Thursday, weekly jobless claims will be released, as well as the January manufacturing index from the Institute for Supply Management (USA). ISM) and construction spending in December
For on Friday The United States will release figures for non-agricultural employment in January, factory orders in December. and the January Consumer Confidence Index from the University of Michigan.
Source: InfoQuest News Agency
2024-01-30 00:46:50
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