S&P 500 rises ahead of major tech earnings reports set for later this week: Live updates

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The S&P 500 rose Monday as Wall Street geared up for a busy week of corporate earnings and looked ahead to a key policy announcement from the U.S. central bank.

The broad market index gained 0.3%, and the Nasdaq Composite advanced 0.5%. The Dow Jones Industrial Average hovered just below flat.

On Semiconductor advanced 13.5% afrer reporting better-than-expected earnings and revenue, while Tesla rose more than 4.5% after Morgan Stanley named the electric vehicle stock a top pick.

This week’s earnings slate will play a role in determining whether tech stocks can now bounce back. Microsoft, Meta Platforms, Apple and Amazon are all set to report their quarterly results in the coming days.

Another key event this week will be the Federal Reserve meeting, with the central bank set to release a new policy statement on Wednesday. The Fed is not expected to cut interest rates this week, but traders will be looking for clues as to how likely the central bank is to make a move at its September meeting.

“A market in motion tends to stay in motion — and that is what is encouraging investors at this point,” CFRA Research chief investment strategist Sam Stovall said.

Investor momentum this week is being primarily driven by the market’s swift Friday rebound from its prior sell-off, as well as optimism towards the remainder of second-quarter earnings, which are expected to exceed initial estimates, Stovall said. He expects a near-term digestion of gains in the broader market, however, citing its “very rich valuations.”

Monday’s moves comes after a volatile week in the stock market. The S&P 500 dipped 0.8% to end the week, while the tech-heavy Nasdaq Composite fell 2.1%. However, the Dow rose 0.8% and the small-cap Russell 2000 rose 3.5%.

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