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A Pivitol Week Ahead

A Pivitol Week Ahead

January 30, 2024

The stock market continued its advance last week, albeit at a slower rate and in anticipation of the big events coming this week. The S&P 500 is trying to break above 4900 and the Nasdaq is within 5% of its all-time highs, but they need a catalyst to continue their climb.

That catalyst could come this week with the Federal Reserve meeting among the busiest week of corporate earnings season. The Fed’s meeting concludes on Wednesday, and they will likely leave interest rates unchanged although investors are listening to hear what they may be planning for their next meeting. Some forecasters believe that rate cuts could begin as early as the March meeting, while others don’t see cuts happening until the second half of the year. If the Fed gives indications that rate cuts are on the table for March, there will likely be a strong stock market response to the upside.

This week we will also see many of the biggest tech companies reporting earnings and moving the market. Mega-cap tech names such as Microsoft, Apples, Meta, Amazon, and Alphabet will release their results. These are the companies that powered the strong stock market rise last year and we’ll soon see if they will also be the leaders of a market rally this quarter.

Photograph by: Tech Daily on Unsplash

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