PARIS (Reuters) – The New York Stock Exchange opened higher on Monday as investors brace for a slew of quarterly earnings releases this week and the Federal Reserve’s monetary policy decision.
The Dow Jones index gained 0.12%, or 43.86 points, to 35,271.55 points, the Standard & Poor’s 500 rose 0.28%, or 12.89 points, to 4,549.23, and the Nasdaq Composite by 0.36%, or 50.59 points, to 14,083.40.
Meta Platforms, Microsoft and Alphabet are among the companies expected to report results this week, as these three stocks have been major contributors to the performance of US stocks in 2023.
According to analysts, the profits of “tech” groups should increase, supported by strong demand for dematerialized computing (“cloud”) services and by rising advertising revenues.
Investors will be closely watching the Fed’s monetary policy meeting, which will be held on Wednesday, and will be on the lookout for any indications on the path of rates for the meetings that follow.
On the stock side, AMC entertainment soared 17.50% after announcing on Sunday the filing of a revised petition for a stock conversion plan, which aims to respond to the concerns of a Delaware court regarding its impact on shareholders.
Chevron rose 1.54%, after announcing better than consensus net profit on Sunday, with adjusted earnings reaching $3.08 per share, against a consensus of $2.97 per share.
(Report Corentin Chapron, edited by Kate Entringer)
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