Stock Market Today: Stocks Subdued Ahead of Fed Meeting, Big Tech Earnings
While the main indexes were relatively quiet, McDonald's and ON Semiconductor notched big post-earnings gains.


Stocks made modest moves Monday before a busy week that includes a key Fed meeting and Big Tech earnings. Amid today's bare economic calendar, corporate updates were in focus, with fast food giant McDonald's (MCD) disclosing a triple miss in its quarterly results.
In its second quarter, MCD reported earnings of $2.97 per share on revenue of $6.49 billion, below the $3.07 per share and $6.62 billion analysts expected. Same-store sales, meanwhile, fell 1% vs Street estimates calling for a 0.4% increase.
McDonald's CEO Chris Kempczinski said "value execution" was to blame as consumers pushed back on price hikes. "These price increases disrupted long-running value programs and led consumers to reconsider their buying habits," Kempczinski added. To combat this, the company said it is extending its $5 value meal offering.

Sign up for Kiplinger’s Free E-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.
Despite the miss, MCD jumped 3.7%, making it the best Dow Jones stock today.
On Semiconductor is the best S&P 500 stock after earnings
Over at the S&P 500, ON Semiconductor (ON) was the biggest gainer, rising 11.5% after its results. The intelligent sensing and power solutions provider reported higher-than-expected earnings of 96 cents per share on $1.74 billion in revenue.
ON also said it expects third-quarter earnings per share to arrive between 91 cents and $1.03 on revenue of $1.70 billion to $1.80 billion. This is in line with Wall Street's expectations for earnings of 92 cents per share on $1.73 billion in sales.
After the results, B. Riley lifted its price target for the semiconductor stock to a Street-high $106, representing implied upside of 35% to current levels. For comparison, the average price target of the 31 analysts following ON tracked by S&P Global Market Intelligence is $83.08.
Morgan Stanley names Tesla a "top pick"
Outside of the earnings calendar, Tesla (TSLA) jumped 5.6% after Morgan Stanley analyst Adam Jonas tapped the electric vehicle (EV) maker as a top pick among U.S. auto stocks. Jonas has a $310 price target on TSLA, which is more than 30% above today's close.
Magnificent 7 stocks will remain in focus throughout the week, with Microsoft (MSFT, +0.3%) and Apple (AAPL, +0.1%) among those reporting. The results of these reports from "a heavy package of mega-cap tech names, will be a crucial test for a market that is trying to find direction," says Quincy Krosby, chief global strategist for LPL Financial.
Fed meeting on tap
This week's Federal Open Market Committee (FOMC) meeting, which wraps up Wednesday afternoon with a policy statement and presser from Fed Chair Jerome Powell, will also be a key event that could spark stock volatility.
"We think it's highly unlikely the Fed will cut rates," says Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company. Instead, investors will shift focus to September and look for clues in the press conference "for any evidence of how the Fed is thinking about its next meeting."
While Schutte feels "a soft landing is certainly still a possibility," he also believes "the Fed is likely going to want to see more clear evidence that inflation is under control or that the labor market is dramatically weakening before it's willing to lower rates."
As for today's price action, the Nasdaq Composite rose 0.07% to 17,370, the S&P 500 added 0.08% to 5,463, and the Dow Jones Industrial Average slipped 0.1% to 40,539.
Related content
- Best AI Stocks to Buy: Smart Artificial Intelligence Investments
- States With Low and No Capital Gains Tax
- Paris Olympics: 5 Sports-Related Stocks Going for Gold
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Stocks Can't Hold Meta, Microsoft Gains: Stock Market Today
The main indexes all opened higher Thursday on impressive Big Tech earnings, but momentum faded into the close.
-
Retirement Health Care Costs Are On the Rise: What You Need to Know
A 65-year-old retiree will face significantly higher lifetime health care costs than they would have a year ago, even with Medicare. Here are the surprising totals.
-
Stocks Can't Hold Meta, Microsoft Gains: Stock Market Today
The main indexes all opened higher Thursday on impressive Big Tech earnings, but momentum faded into the close.
-
Three Ways to Find Deals in Your Investments This Year
Looking for ways to save because of tariffs? Don't forget to look for deals in your investments. Here are three expert tips for making a little extra this year.
-
How to Invest for a Fall Interest Rate Cut by the Fed
A lot can happen between now and then, but the probability the Fed cuts interest rates before the end of the year is better than 85%.
-
You Don't Have to Be Wealthy to Need a Wealth Manager
Navigating complex financial decisions is hard on your own, no matter how much money you have. A wealth manager can provide comprehensive financial planning, investment management, risk management and more.
-
Despite Tariffs, These Investment Experts Are Bullish on European Equities
European equities were one of the better-performing investments during the first half of 2025. They could be a good long-term prospect for U.S. investors needing to diversify, according to these investment managers.
-
Stocks Are Up and Down on Fed Day: Stock Market Today
In another sign of changing times, JPMorgan has partnered with Coinbase to enable cryptocurrency purchases with credit cards.
-
What Federal Interest Rates Mean for Your Grocery Bill
The relationship between grocery prices and the Federal Reserve has plenty of back-and-forth. Understand how they interplay.
-
5 Undervalued Stocks to Buy Now
There are plenty of high-quality undervalued stocks to buy right now, you just need to know where to look. Here, we highlight five of our top picks.