The New York stock market opened mixed ahead of earnings reports from big tech corporations.
On the 27th (local time) at the New York Stock Exchange (NYSE), the Standard & Poor's (S&P) 500 opened at 6,965.96, up 0.22% from the previous session. The tech-heavy Nasdaq composite started transaction at 23,734.75, up 0.56%. The Dow Jones industrial average opened at 49,103.58, down 0.62% from the day before.
This week, with "Magnificent Seven" (M7) corporations set to report earnings, investors are staying on the sidelines. The M7 refers to Microsoft, Apple, Alphabet, Amazon, Meta, Nvidia, and Tesla, a big tech group that has led overall returns in the U.S. market.
Microsoft, Meta, and Tesla are scheduled to release earnings after the close on Jan. 28. On Jan. 29, Apple will report after the close. Alphabet, Amazon, and Nvidia are expected to report in early February or later.
The Federal Reserve (Fed) interest rate decision set for the 28th is also in focus. The market expects the benchmark rate to be kept on hold at 3.5%–3.75% annually, but attention is on what message Chair Jerome Powell will offer about the timing of future cuts.