NEW YORK — Stocks edged higher as Wall Street readies for a week packed with potentially market-moving news. The S&P 500 rose 0.3% Monday. The Dow Jones Industrial Average climbed 0.4%, and the Nasdaq composite rose 0.3%. Amazon and Apple will report their latest earnings results this week, along with roughly a third of the companies in the S&P 500. The Federal Reserve will also announce its latest decision on interest rates Wednesday, with virtually everyone expecting it to stand pat.
Domino’s Pizza added to the pile Monday, reporting stronger-than-expected results thanks to a second straight quarter of rising orders for deliveries and carryout. Its stock steamed 5.4% higher. Solid earnings reports last week helped the S&P 500 rally to its first winning week in four. The companies in the index look to be on track to report overall growth of 3.5% in earnings per share from a year earlier, according to FactSet.
When the Federal Reserve announces its latest policy decision on Wednesday, no one expects it to move its main interest rate, which is sitting at its highest level since 2001. Instead, the hope is that the central bank could offer some clues about when the first cut to rates could come. A consequential report hitting Wall Street on Friday could shift policy makers’ outlook even more. Economists expect Friday’s jobs report to show that hiring by U.S. employers cooled in April and that growth in workers’ wages held relatively steady.
They had been forecasting a July cut, but they said punting to September may prove to be uncomfortably close to the U.S. presidential election in November. So they're now calling for the Fed to make its first cut in December.
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