Stock futures fall ahead of blockbuster week

US stocks fell on Monday as investors awaited a blockbuster week that included the latest Fed meeting, heavyweight earnings reports and jobs data.

S&P 500 (^ GSPC) down 1.3%, while the Dow Jones Industrial Average (^ DJI) lost almost 0.8%. The tech-heavy Nasdaq Composite (^IXIC) decreased by approximately 2%.

The yield on the benchmark 10-year US Treasury note was up 3.546%. Monday morning. The dollar index rose 0.32% to $102.26.

Shares A successful week ended on Friday The following data pointed to stronger-than-expected US economic growth. All major market averages finished higher for the week, with the S&P 500 up 2.5%, the Dow Jones Industrial Average up 1.8% and the Nasdaq up 4%.

The Commerce Department said Friday that the price index for personal consumption expenditures, excluding energy and food, rose 4.4% from a year earlier. Friday’s report came a day after the government reported a better-than-expected 2.9% gain in fourth-quarter gross domestic product, raising hopes that the Federal Reserve may be moving toward an elusive “soft landing” scenario.

Fed officials will meet in Washington, DC, on Tuesday and Wednesday. Fed Chairman Jerome Powell will hold a press conference on Wednesday afternoon and conclude the meeting as he offers indications of the central bank’s path forward on rate hikes.

“Although recent declines in inflation and wage growth have given more time to assess the effects of past policy actions, the FOMC’s work is not yet done. A key challenge for the FOMC is to implement its transition to smaller rate hikes without increasing expectations that the end of its hiking cycle is imminent.

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At the end of the week, investors will get another indication of the central bank’s path as the government’s January jobs report is released on Friday morning. Economists surveyed by Bloomberg expected the economy added 185,000 jobs last month, a slowdown from December’s 223,000.

Federal Reserve Board of Governors Chairman Jerome H. Powell participates in a panel discussion during the Central Bank Symposium at the Grand Hotel on January 10, 2023 in Stockholm, Sweden. This image was provided by a third party. Sweden out. No commercial or editorial sales in Sweden.

Meanwhile, it’s the biggest week of the fourth-quarter earnings season, with big tech results grabbing the spotlight Amid thousands of layoffs in the industry. Despite already announced job cuts, tech companies are part of it Blame the disasterDan Hawley of Yahoo Finance writes.

The top-grossing slate includes reports from tech heavyweights Amazon (AMZN), apple (APL), letters (GOOG), and meta-platforms (Meta)

Elsewhere in the markets, Lucid shares (LCID) fell almost 9%. On Friday, the electric vehicle maker surged more than 88% Continue to speculate Saudi Arabia’s Public Investment Fund (PIF) is considering buying the remaining stake in the company.

Ali Baba (Baba) shares fell 6% on Monday after reports that the Chinese e-commerce platform was moving its headquarters out of the country, suggesting the new premises could be in Singapore. According to reports.

SoFi Technologies (SOFI) shares rose 12.5% ​​on Monday after the digital financial services company posted upbeat earnings guidance for the coming year.

Johnson & Johnson shares (J.N.J) fell nearly 4% on Monday after the appeals court said The company cannot use bankruptcy To end cancer cases.

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In the cryptocurrency market, Bitcoin (BTC-USD), down 1% to $23,168 in the last 24 hours CoinMarketCap. However, the largest token is having its best January since 2013, to BloombergBoth monetary tightening and sector distress are easing.


Danny Romero is a Yahoo Finance reporter. Follow her on Twitter @daniromerotv

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