US stock indexes drifted to a mixed finish Monday to kick off a week full of earnings reports from Wall Street's most influential companies and a Federal Reserve meeting on interest rates.
- The S&P 500 edged up by 4.44 points, or 0.1%, to 5,463.54, coming off its first back-to-back weekly losses since April.
- The Dow Jones Industrial Average slipped 49.41, or 0.1%, to 40,539.93.
- The Nasdaq composite added 12.32, or 0.1%, to 17,370.20.
ON Semiconductor helped lead the market with a jump of 11.5% after the supplier to the auto and other industries reported stronger profit for the spring than analysts expected. McDonald's rose 3.7% despite reporting profit and revenue for the latest quarter that fell shy of forecasts, the AP reports. Analysts said its performance at US restaurants wasn't as bad as some investors had feared. They helped offset slides for oil-and-gas companies, which were some of the heaviest weights on the market after the price of oil sank back toward where it was two months ago. ConocoPhillips lost 1.6%, and Exxon Mobil fell 1% amid worries about how much crude China's faltering economy will burn.
Several of Wall Street's biggest names are set to report their own results later this week: Microsoft on Tuesday, Meta Platforms on Wednesday, and Apple and Amazon on Thursday. Their stock movements carry extra weight on Wall Street because they are among the market's largest by total value. Such Big Tech stocks drove the S&P 500 to dozens of records this year, in part on investors' frenzy around artificial-intelligence technology, but they ran out of momentum this month amid criticism they've grown too expensive, and as alternatives began to look more attractive. "AI hype days are over," according to Bank of America strategists led by Savita Subramanian. "Time to show monetization."
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