Wall Street experienced a slight upward tick on Monday, signaling the beginning of a week filled with updates on interest rates and profits for influential companies in the stock market. The S&P 500 saw a 0.4% increase to reach 4,554.64, following its eighth winning week in the past ten. The Dow Jones Industrial Average also gained 0.5% at 35,411.24, while the Nasdaq composite added 0.2% to reach 14,058.87. It is anticipated that the Federal Reserve will raise interest rates for potentially the final time this cycle on Wednesday. This year, stocks have experienced a strong rally on the assumption that the economy will continue to grow and inflation will cool, leading the Fed to not only halt rate hikes but also consider rate cuts in the coming year.
In the S&P 500, Becton Dickinson, a medical technology company, experienced the largest gain of 5.7% after announcing that its updated Alaris infusion system will return to full commercial operations despite earlier recalls. The company received clearance from the US Food and Drug Administration for the system, which delivers medications and other products to patients. Chevron also rallied with a 2% increase after reporting stronger-than-expected profits for the spring.
Approximately 30% of S&P 500 companies are scheduled to release their financial results for the second quarter this week. Of particular interest are three major tech giants, Alphabet, Meta Platforms, and Microsoft, whose stock movements often impact the direction of the S&P 500. These three companies, along with four others, contributed to the majority of the S&P 500’s gains in the first half of the year. Each of the three tech giants has experienced at least a 35% increase in their stock value this year, and they will need to deliver robust numbers to justify such significant rallies. The influence of these top-performing stocks has prompted Nasdaq to rebalance its Nasdaq 100 index to mitigate their impact on the overall index.
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