Good news for investors! The stock market is showing positive signs as tech stocks led the markets to a fourth week of gains. The S&P 500 closed out last week with another new high, lifted by tech stocks. The index added 1.1% on Friday to close at 4,958.61, above the previous record it hit on Monday. Facebook-parent Meta led tech stocks as its shares surged more than 20% after announcing its first-ever dividend. The Dow Jones Industrial Average rose 0.4%, to 38,654.42, which was also good for a record close, and the Nasdaq Composite climbed 1.7%. It was the fourth week of gains for the major indexes. However, stock futures slipped after Fed Chairman Jerome Powell dashed hopes for an interest rate cut in the near term.
Investors will be closely watching the earnings reports this week, which will include big names like Disney, McDonald’s, and Ford. About 80% of S&P 500 company quarterly results have beat estimates so far, which is slightly higher than normal. This week, investors will be keen to see if the major players, including Disney, McDonald’s, and Ford, will keep that trend rolling. The biggest tech companies’ earnings are done for the season, but there are still plenty that have yet to report.
Another significant event this week is the 10th anniversary of Satya Nadella as Microsoft CEO. Under his leadership, Microsoft has seen remarkable growth, with the company’s market cap soaring from just over $300 billion to a staggering $3.06 trillion. Nadella’s tenure has been marked by the company’s transformation into the most valuable public company in the world.
