Stocks are little changed as traders await big tech earnings and Fed meeting decision: Live updates – CNBC

Check out the companies that are trending in intraday trading.

McGrath Rentcorp — Shares rose more than 9% after equipment rental company Wilscot Mobile Mini announced. buy $3.8 billion cash and stock deal with McGrath Rentcorp.

Dollar Tree — Shares of the discount retail chain rose 1% after JPMorgan upgraded the stock from neutral to overweight. The bank cited expanding its overall addressable market and improving profitability as catalysts.

SoFi Technologies – The financial services provider’s stock soared 21% after the company announced its fourth quarter financial results. SoFi posted profit of 2 cents per share, beating Wall Street expectations by 2 cents, according to LSEG. The company also reported sales of $594.2 million, compared to analysts’ expectations of $571.8 million.

A complete list can be found here.

— Ha-Kyung Kim

David Kostin, head of U.S. equities at Goldman Sachs, said the stock market tends to ignore the bond market as equity investors worry about rising yields.

“Growth, not yield or changes in the shape of the curve, is the most important driver of stock returns,” Kostin said in a note to clients.

The S&P 500 index hit a record high last week, while the benchmark 10-year Treasury yield has been rising steadily this year, rising by about 25 basis points. Kostin noted that these moves have raised questions from clients about the interaction between interest rates and equities.

“Regardless of whether the yield curve is steepening or flattening, stocks typically have the best returns during periods of strong economic growth,” he said. “If the U.S. economy avoided recession, stock returns would have been positive after the yield curve normalized.”

— Yun Lee

Stocks were little changed at the start of the week as Wall Street geared up for the upcoming Federal Reserve policy meeting and new corporate earnings.

The S&P 500 fell 0.02% and the Nasdaq Composite fell 0.03%. The Dow Jones Industrial Average rose 5 points, or 0.02%.

— Brian Evans

Oil prices continued to rise on Monday, with U.S. benchmarks hitting a two-month high and international benchmarks hitting their highest in nearly three months.

West Texas Intermediate futures for March at one point hit $79.29, the highest price since Nov. 30, but are now up about 8.5% from the same month, marking their first rise in four months. ing. Depending on how this week unfolds, January could be the strongest month for oil prices since July.

The March Brent contract rose to $84.80 on Monday, its highest since Nov. 7 and 7.9% above the January contract.

The Energy Select SPDR ETF (XLE) has Marathon Petroleum, Valero, Phillips 66, and Halliburton leading by almost 4% or more month-to-date.

— Scott Schnipper, Gina Francola

iRobot stock plunged 18% before the bell after Amazon terminated its acquisition deal for the Roomba maker amid antitrust scrutiny.

“Amazon’s proposed acquisition of iRobot has no path to regulatory approval in the European Union, which would prevent Amazon and iRobot from moving forward together and would result in losses for consumers, competition, and innovation,” the companies said in a release. “It will be.”

iRobot also said that Plan to cut As part of the restructuring plan, approximately 350 people, or 31% of the workforce, will be cut.

Amazon stock rose slightly.

— Samantha Subin

Ed Yardeni, president of Yardeni Research, said on “Squawk Box” that the Fed should keep interest rates on hold for a little while longer.

“I don’t think the Fed needs to ease too quickly here right now. The Fed risks energy shocks creating a 1970s scenario in the Middle East, and if it eases too much and becomes too dovish, I don’t think the Fed needs to ease too quickly. ‘The 1990s scenario is an irrational exuberance,’ Yardeni said.

The Fed’s next policy decision is expected to be announced on Wednesday, with subsequent decision dates on March 20th and May 1st.

— Jesse Pound

These are the stocks that are moving the most in pre-market trading.

• Dollar Tree — The discount retailer’s stock soared nearly 2% after JPMorgan upgraded the stock from neutral to overweight.
• American Airlines — Airline shares rose 1.5% after Citi was upgraded to buy from neutral.
• ZoomInfo Technologies — Software shares soared 5.5% after Bank of America analyst Koji Ikeda upgraded the stock to buy from neutral.

Read the complete list of transferred stocks here.

— Lisa Kailai Han

Flutter, FanDuel’s parent company, aims to further strengthen its position in the U.S. market and will list on the New York Stock Exchange on Monday.

The company will also maintain its primary listing on the London Stock Exchange and will continue to be included in the FTSE 100 index. FanDuel, along with DraftKings, dominates the online sports betting world in the United States.

— Brian Evans

JPMorgan strategist Mislav Matejka said a slight slowdown in the global economy could weigh on global corporate earnings growth this year.

“We are generally cautious about our global earnings outlook, given the rising margins and the risk of disappointing pricing and volumes,” Matejka said. “Consensus forecasts for EPS momentum to reaccelerate this year and next may be too optimistic.”

“In this context, relative regional earnings outlook is important for relative regional performance.Recently, US performance has been helped by improved relative EPS momentum,” Matejka said. added.

— Fred Imbert

Oil prices rose after a missile fired by Iranian-backed militants killed a US soldier in Jordan.

On Monday, global benchmark Brent crude oil traded 0.35% higher at $83.84 per barrel, while U.S. West Texas Intermediate futures rose 0.42% to $78.34 per barrel.

by White House, Three U.S. service members were killed Sunday in an unmanned aerial drone attack on troops stationed at a northeastern Jordanian outpost near the Syrian border.

—Li Yingshan

Evergrande’s Hong Kong-listed shares plunged 12.2% in early trading, but trading was halted on Monday after a Hong Kong court ordered the Chinese real estate developer to be liquidated.

Evergrande, once one of China’s biggest real estate developers, has been embroiled in Beijing’s debt crisis in recent years.

World’s most indebted property developer defaults in 2021, announces offshore debt restructuring program March last year.

Before the judgment, wall street journal Evergrande’s overseas creditors reported at the 11th hour this weekend that a restructuring agreement could not be reached and liquidation of the real estate may be imminent.

— Shreyashi Sanyal

Singapore’s central bank on Monday left monetary policy unchanged as expected in its first quarterly monetary policy decision of 2024.

The Monetary Authority of Singapore has announced that it will maintain an exchange rate policy range known as the Singapore Dollar Nominal Effective Exchange Rate (S$NEER).

“MAS closely monitors global and domestic economic developments and remains vigilant for risks to inflation and growth,” the central bank said in a statement. Policy statement.

The central bank expects the country’s gross domestic product (GDP) to improve in 2024, with growth expected to be between 1% and 3%.

MAS said core inflation is expected to rise in the current quarter “partly due to the temporary impact of the 1 percentage point hike in GST from January this year”. Singapore increased its goods and services tax by 1 percentage point on January 1st.

The benchmark Straits Times Index rose 0.1% in early trade.

Read the full text here.

— Shreyashi Sanyal

Six of the 30 Dow Jones Industrial Average stocks will report their quarterly results this week.

Microsoft is scheduled to report earnings after the bell on Tuesday. Boeing, which has been hit by problems with its 737 Max 9 planes, will report quarterly results on Wednesday morning.

Honeywell and Merck are expected to report Thursday, followed by Apple. Chevron plans to announce results Friday morning.

— Ha-Kyung Kim

U.S. stock futures fell Sunday night.

Futures, which track the Dow Jones Industrial Average, fell 86 points, or 0.2%. S&P 500 futures and Nasdaq 100 futures fell 0.2% and 0.3%, respectively.

— Ha-Kyung Kim