S&P 500 higher ahead of big tech earnings, Fed decision
S&P 500 index was trading higher on Monday as the investors rejoiced better than expected results from the big tech stocks. In addition, the Fed meeting is also scheduled later this week & the S&P 500 is pretty optimistic right now about a change in the policy.
The Nasdaq index gained 0.2%, while the DJIA jumped by 0.6% for the day. Similarly, the S&P 500 was also last seen at a 0.4% upside for the day.
S&P 500 Supported By Energy Stocks
For the most part, the stocks from the energy sector were the top gainers led by the Halliburton Company (HAL). Furthermore, Chevron Corp (CBX) and Occidental Petroleum Corporation (OXY) were also positive for the day after posting better-than-expected results for the last quarter.
According to UBS analysts, the operational results were positive but limited. However, it also confirmed that the TCO and the Permian performance remains on track.
Another factor that supports the increase in oil prices is the supply cuts introduced by OPEC. According to experts, this will tighten the market conditions and will support the energy stocks of the S&P 500.
If we look around, the regional bank's stocks were also rallying on Monday after the recent quarterly results from various prominent banks such as Citizens Financial Group Inc, KeyCorp, and others.
But the highlight of the day will be the Microsoft (MSFT) and the Alphabet (GOOGL) stocks that are scheduled to kick off the earning season on Tuesday.
At the same time, Tesla bulls suffered a blow after the slump in Tesla and other similar companies last week. However, experts believe that the following week's set-up is looking very different.
Looking ahead, the S&P 500 trend will depend highly on the Fed's decision and how the policy is shaped based on the recent economic indicators. Similarly, poor results from the big tech stocks will push the S&P 500 index lower, which will also translate into other stock indices.