S&P 500 barely rises as investors await key results, jobs data, Fed meeting

S&P 500 barely rises as investors await key results, jobs data, Fed meeting

By Sinéad Carew and Ankika Biswas

Mon July 29, 2024 4:36 PM

There’s just a boatload of new data coming this week including more megacap Q2, the Fed meeting, and Friday’s non-farm payrolls report. So, everyone was understandably on the fence today with the indexes up and down like crazy but ending more or less flat. The Dow especially started the day down 200 before recovering to near break-even, the tech indexes the opposite, starting on a high before declining to near break-even.

The big question: will the mega-caps redeem themselves with good Q2 or will this recent rotation to small and mid-caps, in anticipation of the coming low-rate environment, prove to have legs?  The markets are hoping that on Wednesday the Fed will give a solid confirmation of a September rate cut.  With today’s “wait-and-see,” volume was below the 4-week average at 9.9 billion. 

DJ: 40,589.34  +654.27      NAS: 17,357.88  +176.16      S&P: 5,459.10  +59.88  7/26

DJ: 40,539.93  -49.41         NAS: 17,370.20  +12.32        S&P: 5,463.54  +4.44    7/29

Mon 7-29-24 4:36 pm S&P 500 barely rises as investors await key results, jobs data, Fed meeting | Reuters