The S&P 500 was 0.1% higher in early trading. The Dow Jones Industrial Average was up 47 points, or 0.1%, as of
Big Tech stocks are the main reason the S&P 500 has soared more than 35% to a record since two autumns ago. A small handful of seven has been responsible for the majority of the index’s returns over that time, propelled by a furor around artificial-intelligence technology and expectations for continued dominance.
Five members of that group, which have been nicknamed “the Magnificent Seven,” will report their latest quarterly profits this upcoming week: Apple, Alphabet,
Because they’re so much more massive in size than almost every other stock, their movements pack much more weight on the S&P 500 and other indexes. They’ll need to meet analysts’ expectations for growth to justify their huge recent moves.
And that’s not all that’s coming this week.
On Wednesday, the
A wave of encouraging data has
On Friday, an economic report could bolster or weaken beliefs in that dream. The government will release the latest monthly update on the job market, and economists expect it to show continued growth in hiring, but at a cooler pace. That’s exactly what the Fed wants to see because too much growth could mean upward pressure on inflation.
“This week could be key,” said
This profit reporting season is expected to be lackluster, with analysts forecasting a fourth drop in earnings per share for S&P 500 companies in the last five quarters. But it would be even worse without the Magnificent Seven.
Facebook’s parent company,
Companies so far this reporting season have not been getting as big a boost to their stock price as usual after topping analysts’ forecasts. But they’re still getting something.
On the losing side of
Stocks of oil-and-gas companies were also slipping after the price of crude swung amid worries about violence in the
President
A barrel of Brent crude, the international standard, rose above
Monday kicked off with a
Chinese authorities also made moves to make it more difficult for some investors to “short” Chinese stocks, or bet that their prices will fall. China’s stock markets have been among the world’s worst so far this year amid worries about not only its trouble property industry but also its weak economic recovery.
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AP Writers
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