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Investing.com — U.S. stocks traded marginally lower Tuesday, as investors awaited earnings from a series of tech giants while the Federal Reserve starts its latest two-day policy-setting meeting.
By 09:35 ET (14:35 GMT), the Dow Jones Industrial Average was down 30 points, or 0.1%, the S&P 500 traded 4 points, or 0.1%, lower and the Nasdaq Composite dropped 20 points, or 0.1%.
Tech giants set to report
This quarterly earnings season is now in full swing, with 19% of the S&P 500 set to report this week, including tech giants Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL) and AMD (NASDAQ:AMD) after the close Tuesday.
Collectively, the market capitalization of Alphabet, Microsoft, Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN) and Meta (NASDAQ:META) account for nearly 25% of the S&P 500, giving them an outsize influence on the performance of the broader index.
Outside of tech, General Motors (NYSE:GM) stock rose almost 9% after the auto giant provided investors with an upbeat outlook for 2024 and signaled more capital could be returned to shareholders.
United Parcel Service (NYSE:UPS) stock fell over 7% after the world’s biggest package delivery firm forecast annual revenue below expectations, facing sluggish domestic and international e-commerce demand.
Pfizer (NYSE:PFE) stock rose just under 1% after the drugmaker reported a surprise quarterly profit, helped by demand for its COVID products being stronger than expected as well as lower research costs.
Fed meeting starts
The Federal Reserve starts its latest two-day policy-setting meeting later in the session, and is widely expected to keep interest rates on hold at more than two-decade highs when the meeting concludes on Wednesday.
The Fed signaled in December that it could reduce rates six times this year, and investors will watch for updates out of the meeting for clues as to when the first full quarter-point rate cut arrives.
Tuesday’s economic calendar includes data on JOLTS job openings, which kicks off a week of domestic jobs data, culminating in the January U.S. payrolls report on Friday. The data will give further indications of the state of the world’s largest economy.
Crude edges higher despite demand worries
Oil prices gained Tuesday as tensions in the Middle East overwhelmed concerns about demand growth after the eurozone, a major consumer of crude, barely escaped recording a technical recession at the end of last year.
By 09:35 ET, the U.S. crude futures traded 0.6% higher at $77.21 a barrel, while the Brent contract traded 0.3% higher at $82.06 a barrel.
The tense situation in the Middle East continued to provide support, especially after the U.S. vowed to take “all necessary actions” to defend its troops following a deadly drone attack in Jordan by Iran-backed militants, potentially resulting in regional energy supply disruptions in the oil-rich Middle East.
Additionally, gold futures rose 0.8% to $2,061.35/oz, while EUR/USD traded 0.1% higher at 1.0840.
(Oliver Gray contributed to this article.)
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Source: Investing.com
