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Market Settles after Pullback Week, Investors Await Earnings and FOMC | Herd on Wall St.

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Kevin Travers joined discussion · 2 hours ago
Morning traders, Happy Monday. The market is open and moving somewhat slowly, but my name is Kevin Travers, and here are your morning moving stocks and stories from the herd on Wall St. today.
$McDonald's(MCD.US)$ 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 4%, the highest on the Dow Monday morning.
$ON Semiconductor(ON.US)$ climbed 12%, 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.
$Tesla(TSLA.US)$ $Tesla(TSLA.US)$ 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.
The entire auto industry climbed an average of 2.7% following Tesla's lead.
Market Settles after Pullback Week, Investors Await Earnings and FOMC | Herd on Wall St.
Meanwhile, $Crude Oil Futures(SEP4)(CLmain.US)$ fell 57 bps, $XAU/USD(XAUUSD.CFD)$ fell just 5 bps, and two-year treasuries climbed.
$Bitcoin(BTC.CC)$ climbed 1.2% and nearly broke $70k/ coin, following the weekend Bitcoin conference where speakers like President Donald Trump spoke about a crypto future to adoring fans.
The market slipped into an overall pullback Monday, with 4500 stocks climbing to 5600. Despite the numbers indexes were similar to their holding pattern over the spring. Just past 10:44 am ET, the $S&P 500 Index(.SPX.US)$ advanced 0.22%, the $Dow Jones Industrial Average(.DJI.US)$ traded down 25 bps, and the $Nasdaq Composite Index(.IXIC.US)$ climbed 0.61%.
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.
Market Settles after Pullback Week, Investors Await Earnings and FOMC | Herd on Wall St.
Investors can watch for PMI data Thursday and Nonfarm monthly payroll employment data Friday.
Investors are also watching major earnings this week from four of the final magnificent seven companies- the largest stocks in the world.
$Microsoft(MSFT.US)$ 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 $100B+ market cap giants.
Traders, what are you watching today?
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office. Fmr CNBC contributor, reporter/investor/trader Posts do not represent mm
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