Traders
work
on
the
floor
at
the
New
York
Stock
Exchange
(NYSE)
in
New
York
City,
U.S.,
January
29,
2024.
Brendan
Mcdermid
|
Reuters
S&P
500
futures
are
little
changed
Monday
night
as
investors
analyzed
the
latest
corporate
earnings
with
the
Federal
Reserve
policy
meeting
on
the
horizon.
Futures
connected
to
the
broad
index
were
flat,
while
Nasdaq
100
futures
added
0.04%.
Dow
Jones
Industrial
Average
futures
slipped
42
points,
or
0.1%.
Cybersecurity
stock
F5
rallied
around
9%
on
the
back
of
a
better-than-expected
financial
report,
while
electronics
manufacturer
Sanmina
soared
more
than
18%
after
posting
strong
earnings
per
share
and
current-quarter
guidance.
On
the
other
hand,
home-appliances
maker
Whirlpool
shed
more
than
4%
after
sharing
a
worse-than-expected
outlook
for
the
full
year.
These
moves
follow
a
winning
day
on
Wall
Street
that
brought
the
Dow
and
S&P
500
to
their
sixth
record
closes
of
the
year.
Despite
those
notable
finishes,
the
technology-heavy
Nasdaq
Composite
saw
the
best
performance
of
the
three
major
indexes,
climbing
more
than
1%
in
the
session.
Monday
marked
the
start
of
a
busy
week
for
corporate
earnings,
with
19%
of
companies
in
the
S&P
500
set
to
report.
Of
the
nearly
one-quarter
of
S&P
500
members
that
have
already
reported,
about
72%
exceeded
Wall
Street
expectations,
according
to
FactSet.
“There
is
not
necessarily
a
very
consistent
message”
this
earnings
season,
said
Keith
Buchanan,
senior
portfolio
manager
at
Globalt
Investments.
“It’s
not
this
tide
that
lifts
all
boats.
…
We’ve
seen,
this
far
in
the
earnings
season,
clear
winners
and
clear
losers.”
Markets
appeared
to
rally
late
in
Monday’s
session
after
the
U.S.
Treasury
Department
said
it
expected
to
borrow
less
than
previously
anticipated
in
the
first
quarter.
The
department
said
this
reduced
need
to
borrow
stemmed
from
anticipated
increases
in
net
fiscal
flows
and
a
higher
cash
balance
at
the
start
of
the
quarter.
Traders
will
watch
for
updates
out
of
the
Federal
Open
Market
Committee’s
two-day
policy
meeting
beginning
Tuesday.
The
fed
funds
futures
market
has
priced
in
an
approximately
97%
probability
that
the
central
bank
will
leave
rates
unchanged
during
its
Wednesday
announcement,
according
to
the CME
FedWatch
tool.
Elsewhere
on
Tuesday,
investors
will
follow
Microsoft
and
Alphabet,
two
of
the
mega-cap
technology
names
set
to
report
earnings
this
week.
These
companies,
which
are
part
of
a
group
known
as
the
“Magnificent
7,”
have
been
closely
watched
by
market
participants
after
driving
up
the
S&P
500
with
their
outsized
gains.
Amazon,
Meta
and
Apple
will
post
their
quarterly
financials
later
in
the
week.
Outside
of
tech,
General
Motors
and
UPS
are
among
well-known
companies
sharing
results
before
the
bell
on
Tuesday.
Starbucks
is
due
after
the
market
closes.
Investors
will
also
watch
Tuesday
for
economic
data
on
housing,
the
labor
market
and
consumer
confidence.
These
numbers
come
as
market
participants
finalize
their
expectations
for
Wednesday’s
monetary
policy
announcement
and
subsequent
press
conference.
