Oil falls, OPEC, rate decisions and earnings in focus [Video]
|The week kicked off on a mixed note. Equities in Europe fell, the major US indices were near flat, slightly positive for the S&P500 and Nasdaq, and slightly negative for the Dow Jones, as technology stocks extended a rebound into a second day while oil stocks retreated on a further selloff in crude oil.
In earnings, ON Semiconductor jumped 10% after reporting better-than-expected Q2 revenue and earnings. Microsoft will reveal its Q2 earnings today, after the bell. Its data center growth will be largely in focus, and may meet and even beat expectations as Big Tech companies continue to spend big on AI tools. But strong results may not spark the same enthusiasm than in the previous quarters if companies like Facebook and Google don’t confirm AI’s positive impact on their revenues.
In non-tech, McDonald’s saw its share price jump almost 4% but announced that its sales fell for the first time since the end of 2020 hinting that consumers are now seriously pushing back against rising prices and that points at taming inflationary pressures.
The Bank of Japan (BoJ), the Federal Reserve (Fed) and the Bank of England (BoE) will announce their latest policy decisions in the coming days, with the first expected to hike, the second hold and the third cut.
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