US stocks rise ahead of big tech earnings and the Fed's next rate move
US stocks rose on Monday as investors braced for another week of big tech earnings and the Fed's next policy move, with the Dow Jones Industrial Average looking could nab its 11th straight gain.
Markets are pricing in a 99.8% chance the Fed will hike interest rates another 25 basis points at the end of its Federal Open Markets Committee meeting on Wednesday, per theWall Street is optimistic it could be the Fed's last rate hike, with markets pricing in an 84% chance the Fed will pause rates at its September policy meeting.
Meanwhile, investors are waiting on quarterly reports from Alphabet, Microsoft, and Meta to assess the rally fueled by Wall Street's excitement for artificial intelligence. All three stocks are up more than 40% from levels at the start of the year. "The market's focus will soon shift to big tech earnings and of the few tech companies that have reported so far, forward guidance has been cautious, which may be a precursor to what we might see from the Magnificent 7 tech company earnings that are released over the next week," Main Street Research chief investment officer James Demmert said in a note on Monday."Anything less than expectations could cause downside volatility in this sector," he added.
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