US stocks mixed during opening hour, focus remains on earnings report
|Major US equity indices witnessed a mildly weaker opening on the first trading day of the week as investors braced for an important and busy week of earnings and the FOMC decision on Wednesday.
This week's big earnings kicks-off with Google parent Alphabet, due to report after market close on Monday, followed by Amazon and Facebook later this week. With major global central banks indicating a shift to less accommodative stance, earnings will continue to grab investors' attention in order to justify the current stretched valuations and for any additional up-move for the indices, already sitting at record highs.
The market will also keep an eye on political developments amid growing doubts over the US President Donald Trump's ability to deliver on his promised tax reforms and infrastructure spending, especially after he failed to push through the healthcare bill, aimed to repeal and replace Obamacare.
Meanwhile, the latest downgrade of the US economic growth forecast for 2017 and 2018 by the IMF also did little to boost appetite for riskier assets - like equities, with investors preferring to stay on the sidelines ahead of the two-day FOMC meeting starting on Tuesday.
During the opening hour of trade, the Dow Jones Industrial Average lost around 30-points to 21,550, while the broader S&P 500 Index was down 3-points to 2,469. Meanwhile, tech-heavy Nasdaq Composite Index continues to outperform the broader markets and added 3-points to 6,391.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.