Traders were active on the New York Stock Exchange (NYSE) floor in New York City, U.S., on January 29, 2024. Brendan Mcdermid | ReutersThe S&P 500 concluded Tuesday with minimal change as Wall Street awaited the latest Federal Reserve decision on interest rates. The index slipped 0.06% to close at 4,924.97. On the other hand, the Dow Jones Industrial Average added 133.86 points, or 0.35% to reach 38,467.31, marking its seventh record close this year. The Nasdaq Composite dipped 0.76% to finish at 15,509.90.Traders will be monitoring updates from the Federal Open Market Committee’s two-day policy meeting that commenced on Tuesday. The fed funds futures market has indicated a 97% probability that the central bank will maintain rates at the current level, based on the CME FedWatch tool. Consequently, investors are now expecting a change in the policy statement that will conclude the meeting. General Motors shares rose by nearly 8% after the automaker reported better-than-expected earnings. Cybersecurity stock F5 gained just under 1% following a strong financial report, while electronics manufacturer Sanmina surged by more than 28% after announcing robust earnings per share and current-quarter guidance. Meanwhile, appliance maker Whirlpool declined by 6.6% after providing a worse-than-expected outlook for the full year. JetBlue also fell 4.7% after forecasting minimal to no revenue growth in 2024, with costs per available seat mile projected to increase in the mid- to high single digits, excluding fuel. These reports preceded major tech reports expected after the market close, including from Microsoft and Alphabet.”From a technical standpoint, U.S. equity indexes are positioned to trade higher in the short term,” said Joseph Cusick, senior vice president at Calamos Investments. “However, will the fundamental risks evolve in the coming days and undermine current price action? Until bears take control, it remains the case that markets at fresh all-time closing highs demand respect.” Wall Street had a successful session that led to the Dow and S&P 500 reaching their sixth record closes of the year. Thus far, 144 companies have reported their quarterly results this earnings season, representing approximately 29% of the index. About 79% of the reporting companies have exceeded Wall Street estimates, compared to an average of 76% over the past four quarters.
