Indexes Flat to Start a Magnificent Earnings Week | Wall Street Today

As of 4 p.m. Monday, the   $S&P 500 Index (.SPX.US)$ was up 0.08%, the $Dow Jones Industrial Average (.DJI.US)$ was almost flat and down 12 bps, and the     $Nasdaq Composite Index (.IXIC.US)$ was up just 0.07%.

$Microsoft (MSFT.US)$ will arrive on Tuesday, $Meta Platforms (META.US)$ on Wednesday, and $Apple (AAPL.US)$ and $Amazon (AMZN.US)$ on Thursday, alongside a host of other $10B and $100B+ market cap giants. Firms releasing earnings Tuesday include Paypal, Pinterest, AMD, BP, Pfizer and Starbucks

This week, all eyes are on the FOMC, due to report its current strategy for competing inflation on Wednesday. The futures market shows investors are pricing in a rate cut in September after the PCE data released Friday showed a slight dip month over month in price inflation.

$Microsoft (MSFT.US)$ is expected to show stronger-than-expected results for the fiscal fourth quarter amid cloud computing platform Azure and artificial intelligence momentum, Wedbush Securities said on Monday. The brokerage's checks point to a robust quarter driven by accelerating cloud deal flow that's expected to boost Azure's growth through the second half of calendar-year 2024 through 2025.

$Disney (DIS.US)$ shares rose 2.4% after the company said Sunday that Marvel Studios' Deadpool & Wolverine made an estimated $438.3 million globally, including $205 million domestically. The company said Ryan Reynolds and Hugh Jackman's movie has achieved the "highest-grossing global opening for an R-rated film" in box office history.

$McDonald's (MCD.US)$ reported a triple miss with second-quarter results Monday, as profit and revenue fell below expectations. Comparable sales fell, despite higher prices, and not enough customers journeyed to the golden arches. Still, the stock climbed about 3.7%, the highest on the Dow Monday morning.

$ON Semiconductor (ON.US)$ climbed 11%, the highest on the S&P 500, after, in part, the firm reported Q2 revenue above estimates but down 17.2% year-on-year to $1.74 billion. EPS and revenue beat by just $10M and 4C.  As of June 28, 2024, the from reported bookings of approximately $14.7 billion. The firm said in filings it expects to recognize approximately 30% of this amount as revenue during the next twelve months- about $4.2B.

$Tesla (TSLA.US)$  stock rebounded 5% Monday after a had week following earnings that missed estimates. Monday morning, Morgan Stanley added the stock to its "top picks" in auto firms, replacing Ford.

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