U.S. stocks little changed ahead of Big Tech earnings

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U.S. stocks little changed ahead of Big Tech earnings

Traders work on the floor of the New York Stock Exchange (NYSE) on Oct. 30, 2023 in New York City.

Spencer Platt | Getty Images News | Getty Images

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Big Tech earningsThe

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and the

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 inched

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ahead of a busy week for Big Tech earnings with investors also awaiting the U.S. central bank’s policy announcement on Wednesday. The S&P 500 closed 0.08% higher while the Nasdaq Composite gained 0.07%. The

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 lost 0.12%.

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yields slipped and

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fell amid i

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between ******* and the Iran-backed militia Hezbollah in Lebanon.

McDonald’s miss

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quarterly

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as same-store sales declined globally for the first time since 2020. The fast-food giant’s second-quarte

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net income fell to $2.02 billion from $2.31 billion a year ago, while revenue was nearly flat at $6.49 billion. The company said it was working to

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, and that its recently launched $5 value meal promotion in the U.S. was bringing lower-income diners back to its stores. McDonald’s shares closed 3.74% higher.

Apple AI

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has

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to registered developers, but the eagerly awaited AI software may not be loaded onto the next batch of iPhones. The new software is found in the developer beta of iOS 18.1, whereas iPhones launched this fall are slated to run on iOS 18. The launch of Apple Intelligence is expected to spark a wave of mobile phone upgrades since the system will only work on high-end iPhone models such as the iPhone 15 Pro and iPhone 15 Pro Max.

Bitcoin retreats

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fell more than 1% on Monday as investors digested remarks made by *********** Presidential candidate Donald Trump at the Bitcoin Conference over the weekend. The

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at $67,264 after rising as high as $69,982, according to Coin Metrics. Trump said officials had harmed the industry by failing to provide proper rules and regulations, and that he would replace Securities and Exchange Commission Chair Gary Gensler “on day one.”

[PRO] Locking higher yieldsJanus Henderson said investors who have put their savings in money market funds

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, amid signs that the Fed will start cutting interest rates this year. Bond investors benefit from price appreciation in a falling interest rate environment as bond prices and yields move inversely to each other. 

The bottom line

McDonald’s shares rose despite missing Wall Street expectations, but the fast-food titan is an exception.

According to financial information provider FactSet, companies with disappointing quarterly results are

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l this earnings season.

Companies that missed second-quarter earnings estimates suffered an average decline of 3.8% in their stock price during the five-day ******* that started two days before the results were released. This compares with the five-year average price drop of 2.3% during this same window for firms that disappointed Wall Street.

 Those that beat the Street saw only a 0.3% rise in shares during the same *******, compared with the five-year average gain of 1%.

This phenomenon underscores the high expectations going into this season as well as concerns about an overheated stock market following the strong rally so far this year.

Signs of waning consumer demand can also be seen in the automotive industry, where analysts are

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. Shares of

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,

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and

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have come under pressure following the release of their second-quarter results. 

Analysts said the U.S. market — a profit engine for most automakers — is normalizing after years of record high prices, low vehicle inventories and resilient demand. Inventories, especially for the Detroit automakers, are rising, while vehicle prices are slowly declining.

— CNBC’s Yun Li and Michael Wayland contributed to this report.

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#U.S #stocks #changed #ahead #Big #Tech #earnings

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