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Nasdaq, S&P, and Dow move higher as Wall Street gears up for an earnings-packed week

Seeking Alpha logo Seeking Alpha 1/23/2023

Major market averages opened Monday's trading session up to the topside as earnings season shifts into higher gear.

Early on and the Dow (DJI) picked up 0.5%, the S&P 500 (SP500) gained 0.8%, and the Nasdaq Composite (COMP.IND) moved up by 1.3%.

The 10-year Treasury yield (US10Y) rose 3 basis point to 3.51% and the 2-year yield (US2Y) was up 3 basis points to 4.21%.

The earnings calendar is relatively light today, but this week brings results from J&J (JNJ), Microsoft (MSFT), Boeing (BA), IBM (IBM), Tesla (TSLA), Visa (V) and Chevron (CVX).

The FOMC enters its blackout period ahead of its February meeting. 

"We look for the Committee to hike rates by 25 bps on February 1, bringing the target range for the federal funds rate to 4.50%-4.75%," Wells Fargo economist Jay Bryson and team wrote. "Fed policymakers appear to be entering the fine-tuning phase of this tightening cycle."

"However, inflation remains too high for the Fed's liking, and most FOMC members continue to state publicly that rates need to go higher to bring inflation back to the target of 2%. We look for the Committee to raise its target range for the federal funds rate by 25 bps at each of its meetings on February 1, March 22, and May 3. If realized, the target range would end the tightening cycle at 5.00%-5.25% in early May."

Among active stocks, Salesforce (CRM) was higher on a report that activist Elliott Management has taken a large stake.

Now read: A Massive Inflation Shock Could Come Sooner Than You Think

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