Wall Street today: US stocks mixed ahead of Fed rate decision, Big Tech results

US stocks were mixed on Monday, with the tech-heavy Nasdaq and the S&P 500 rising ahead of a Federal Reserve interest rate decision and Big Tech earnings.

At 9:51 a.m. ET, the Dow Jones Industrial Average was down 140.72 points, or 0.35 per cent, at 40,448.62, the S&P 500 was up 11.18 points, or 0.20 per cent, at 5,470.28, and the Nasdaq Composite was up 116.46 points, or 0.67 per cent, at 17,474.34.

At the opening bell, the Dow Jones Industrial Average rose 76.37 points, or 0.19 per cent, to 40,665.71. The S&P 500 was higher by 17.45 points, or 0.32 per cent, at 5,476.55, while the Nasdaq Composite gained 86.51 points, or 0.50 per cent, to 17,444.39.

The Fed is slated to announce its latest policy decision on interest rates on Wednesday.

Shares of Nvidia, Alphabet, Amazon.com and Meta Platforms gained between 0.6 per cent and 1.5 per cent.

Tesla stock jumped 4.4 per cent after Morgan Stanley added the stock to its US autos list as a “top pick”.

Crypto stocks Coinbase Global, Riot Platforms and Marathon Digital rose between 2.4 per cent and 3.6 per cent after bitcoin prices jumped to a seven-week high.

Abbott Laboratories stock fell 4.1 per cent after a jury ordered the drugmaker to pay $495 million in damages following a trial that found that its formula for premature infants had caused a dangerous illness.

ON Semiconductor stock jumped 9.4 per cent after the company reported stronger profit for the second quarter.

The yield on the 10-year Treasury fell to 4.16 per cent from 4.19 per cent late on Friday.

Crude oil

Oil prices fell on Monday on fears of a widening conflict in the Middle East after a rocket strike in the Israeli-occupied Golan Heights.

Brent crude futures lost 33 cents, or 0.41 per cent, to $80.80 a barrel at 1214 GMT. US West Texas Intermediate (WTI) crude futures fell by 29 cents, or 0.38 per cent, to $76.87.

Bullion

Gold prices rose on Monday on geopolitical concerns in the Middle East.

Spot gold rose 0.4 per cent to $2,395.48 per ounce by 1312 GMT. US gold futures for August delivery gained 0.5 per cent to $2,393.50.

Spot silver gained 0.5 per cent to $28.03 per ounce.