The New York Stock Exchange exhibited limited upward momentum at the beginning of trading on the 29th (local time), as caution persisted ahead of the Federal Open Market Committee (FOMC) meeting results.
As of 9:33 a.m. on the same day, the Dow Jones Industrial Average was up 16.80 points (0.04%) at 44,854.36 on the New York Stock Exchange (NYSE), while the Standard & Poor's (S&P) 500 Index was at 6,405.53, up 15.76 points (0.25%). The Nasdaq Index was moving at 21,283.59, up 105.01 points (0.50%).
The S&P 500 Index rose 0.25% in early trading, setting a new intraday record. The Nasdaq Index also increased by 0.5%, reaching a new intraday high.
This week is concentrated with earnings reports from major technology corporations. Notably, among the 'Magnificent Seven' that are attracting market attention, Meta, Microsoft, Apple, and Amazon are set to release their earnings on the 30th and 31st. According to FactSet, 170 corporations included in the S&P 500 have announced their earnings so far, and over 83% of them have surpassed market expectations.
The earnings announced on this day showed mixed results. Boeing recorded good results delivering the most aircraft since 2018, but its stock is down 1.8%.
On the other hand, Cadence Design Systems, a semiconductor design software company, is seeing its stock surge over 10% after a strong second-quarter performance and upward adjustment of its annual guidance.
The market is focusing on the Federal Reserve's (Fed) interest rate decision scheduled for the 30th. Wall Street is viewing a high likelihood that the Fed will keep rates unchanged at the current level of 4.25% to 4.50%, while monitoring for clues on future monetary policy direction.
This week, major economic indicators including the preliminary second-quarter Gross Domestic Product (GDP) of the United States, private employment data (ADP), and July's non-farm payroll report are set to be announced consecutively.
In particular, the July employment figures, set to be announced on the 1st of next month, are expected to have a significant impact on the market. According to Dow Jones' economist consensus, July's new jobs are forecasted to increase by 100,000. This figure is a slowdown from June's 147,000. The unemployment rate is projected to rise slightly from 4.1% to 4.2%.
Meanwhile, the market is paying attention to the possibility of additional negotiations with other countries, including the United States and China. A high-level negotiating team from the United States and China resumed trade talks in Stockholm, Sweden, on the 28th, and discussions are expected to continue before the tariff deadline set for August 1.
European stocks are all showing strength. The Euro Stoxx 50 Index is up 1.17% compared to the previous session. The German DAX Index is up 1.28%, the British FTSE Index is up 0.66%, and the French CAC 40 Index is up 1.20%.
International oil prices are on the rise. As of 9:36 a.m. on this day, the price of West Texas Intermediate (WTI) for September delivery is up 0.97% at $67.36 per barrel, while the price of Brent crude for September delivery, the global benchmark, is $70.63, up 0.84% from the previous session.