S&P 500 rises to close at fresh record Monday as Big Tech earnings loom: Live updates

The S&P 500 rose Monday and closed at a fresh record high as Wall Street looked toward several mega-cap tech earnings reports and the Federal Reserve’s rate policy decision. 

The benchmark index climbed 0.76%, rising above its highest ever close of 4,894.16 reached Jan. 25. The Dow Jones Industrial Average added 224.02 points, or 0.59%, while the Nasdaq Composite gained 1.12%.

This week marks the busiest slate of the earnings season, with 19% of the S&P 500 reporting earnings. Mega-cap tech names Microsoft, Apple, Meta, Amazon and Alphabet — part of the core group of big tech companies that have led this year’s rally — will be posting their results. Investors will also keep an eye on several Dow components reporting their quarterly earnings, including Boeing and Merck.

Meanwhile, the Federal Open Market Committee will begin its two-day policy meeting on Tuesday. Investors are nearly certain the central bank will keep rates steady. Traders in the fed funds futures market assigned an almost 97% probability the Fed will not cut rates at the upcoming meeting, according to the CME Group. 

“This week could be key,” said Chris Larkin, head of trading and investing at E-Trade. “If the market is going to sustain its latest breakout, it may need to avoid earnings disappointments from this week’s Big Tech lineup, get encouraging news from the Fed on interest rates, and see jobs numbers that are solid, but not too hot.”

Shares of iRobot plummeted more than 9% following news that Amazon would know longer pursue a deal to acquire the company.