US open: Stocks higher as traders look ahead to tech earnings

29th Jul 2024 14:31

(Sharecast News) - Wall Street stocks were in the green early on Monday as investors braced for a week full of big-name tech earnings.

As of 1500 BST, the Dow Jones Industrial Average was up 0.04% at 40,605.95, while the S&P 500 advanced 0.41% to 5,481.31 and the Nasdaq Composite came out the gate 0.91% firmer at 17,515.55.

The Dow opened 16.61 points higher on Monday, extending gains recorded in the previous session.

In the corporate space, fast-food giant McDonald's missed quarterly revenue estimates amid a worsening consumer pullback, while video games company Capcom said quarterly profits had almost halved and retailer Loews said Q2 earnings and revenue had grown on the back of its strong insurance and gas pipeline.

Still to come, Microsoft, Facebook parent company Meta Platforms, Apple and Amazon will all report their latest numbers before the end of the week.

"Has the tech sector pulled back enough for investors to buy again, irrespective of earnings? Will further disappointments trigger another wave of selling? If the latter, will funds continue to pour into smaller stocks? There's a lot to consider," said Trade Nation's David Morrison. "This may prove to be the decisive week ahead of the summer's main holiday month."

On the macro front, the Dallas Federal Reserve's July manufacturing index will be published at 1530 BST.

Later this week, attention will turn to the Federal Reserve's two-day policy meeting set to kick off on Tuesday, with the central bank expected to keep rates steady on Wednesday. Investors will look for any clues as to just what the Fed may be thinking ahead of next month's meeting.

Reporting by Iain Gilbert at Sharecast.com