Stock Market Today: Stocks Edge Higher Ahead of Fed Meeting, Big Tech Earnings
The major market indexes gained ground Monday, with the Dow closing higher for an 11th straight day, the longest such streak since 2017.
Stocks closed higher Monday, with the Dow Jones Industrial Average extending its longest daily win streak in years.
Sentiment is upbeat ahead of a busy week on Wall Street, with the next Fed meeting set to kick off tomorrow and several mega-cap stocks on the earnings calendar.
The Federal Reserve starts its two-day policy meeting tomorrow, and the central bank is widely expected to lift rates by 25 basis points (0.25%) when it wraps up on Wednesday. What the market cares most about, however, is what the Fed plans to do next. Futures traders are currently pricing in low probabilities for any additional rate hikes in 2023 after this week's meeting, according to CME Group.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Additionally, an onslaught of corporate earnings reports are slated for release over the next several days. "About 18% of S&P 500 names have reported and 40% more will release earnings this week," says Michael Reinking, senior market analyst at the New York Stock Exchange. Big Tech will be in focus over the next several days, with blue chip stocks Alphabet (GOOGL, +1.3%) and Microsoft (MSFT, +0.4%) set to disclose their quarterly results after tomorrow's close.
Ahead of these key – and potentially market-moving – events, the major benchmarks closed modestly higher. The blue chip Dow Jones Industrial Average rose 0.5% to 35,411, marking its 11th straight gain, or its longest daily win streak since 2017. Meanwhile, the tech-heavy Nasdaq Composite tacked on 0.2% to 14,058, while the broader S&P 500 added 0.4% to 4,554.
AMC, Mattel stocks climb on Barbie buzz
In single-stock news, AMC Entertainment Holdings (AMC) spiked 33.0% after the cinema chain said it had its busiest weekend since 2019 thanks to the weekend releases of Barbie and Oppenheimer. Separately, AMC CEO Adam Aron said the company submitted a modified proposal to convert its AMC Entertainment Holding (APE, -0.3%) preferred shares into common stock. A Delaware judge on Friday blocked the plan AMC previously submitted. The meme stock has had a volatile year, but is now up 44% since the start of 2023.
Mattel (MAT) also got a lift from Barbie's blockbuster weekend. Shares in the maker of Barbie toys climbed 1.8%, and are now up 21% for the year-to-date.
Keep an eye on energy stocks as oil prices climb
Today's stock market gains were fairly broad based, with all but two of the 11 S&P 500 sectors closing higher. Energy was by far the best performer, jumping 1.6% thanks to solid preliminary earnings from oil major Chevron (CVX, +2.0%), which said it distributed a record $7.2 billion to shareholders through stock buybacks and dividends in Q2.
Also boosting oil stocks were rising U.S. crude futures, which finished up 2.2% to $78.74 per barrel – their highest close since April.
"Oil is also getting a boost from Wall Street as optimism grows that the end of the Fed’s rate hiking campaign appears it could be here," says Edward Moya, senior market strategist at currency data provider OANDA. "With Europe lagging by a couple months, we could start seeing all the major economies eyeing easing as the next move," the strategist adds. That, in turn, could keep the bullish momentum in oil prices going.
Continued gains for crude should benefit the top-rated energy stocks, as well as select energy ETFs.
Related Content
-
How Charitable Trusts Benefit You and Your Favorite CharitiesThese dual-purpose tools let affluent families combine philanthropic goals with advanced tax planning to generate income, reduce estate taxes and preserve wealth.
-
A 5-Step Plan for Parents of Children With Special NeedsGuidance to help ensure your child's needs are supported now and in the future – while protecting your own financial well-being.
-
How Financial Advisers Can Best Help Widowed and Divorced WomenApproaching conversations with empathy and compassion is key to helping them find clarity and confidence and take control of their financial futures.
-
Cooler Inflation Supports a Relief Rally: Stock Market TodayInvestors, traders and speculators welcome much-better-than-hoped-for core CPI data on top of optimism-renewing AI earnings.
-
Nasdaq Sinks 418 Points as Tech Chills: Stock Market TodayInvestors, traders and speculators are growing cooler to the AI revolution as winter approaches.
-
Stocks Chop as the Unemployment Rate Jumps: Stock Market TodayNovember job growth was stronger than expected, but sharp losses in October and a rising unemployment rate are worrying market participants.
-
AI Stocks Lead Nasdaq's 398-Point Nosedive: Stock Market TodayThe major stock market indexes do not yet reflect the bullish tendencies of sector rotation and broadening participation.
-
Dow Rises 497 Points on December Rate Cut: Stock Market TodayThe basic questions for market participants and policymakers remain the same after a widely expected Fed rate cut.
-
Crypto Trends to Watch in 2026Cryptocurrency is still less than 20 years old, but it remains a fast-moving (and also maturing) market. Here are the crypto trends to watch for in 2026.
-
Stocks Bounce Back With Tech-Led Gains: Stock Market TodayEarnings and guidance from tech stocks and an old-school industrial lifted all three main U.S. equity indexes back into positive territory.
-
Dow Slides 427 Points to Open December: Stock Market TodayThe final month of 2025 begins on a negative note after stocks ended November with a startling rally.
