Stocks trade mixed as investors await Big Tech earnings

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Stocks were mixed on Tuesday, with investors awaiting more corporate earnings results from major companies and a Federal Reserve monetary policy decision on Wednesday. The S&P 500 reversed earlier gains to trade lower after the blue-chip index rose to an all-time high during Monday's regular trading day. The Dow ticked up, while the Nasdaq also slipped. Shares of Tesla (TSLA) fell after the company's first-quarter sales results missed estimates, though earnings and automobile gross margins exceeded expectations in the report delivered Monday evening.

Earnings results will pick up on Tuesday with companies including Microsoft (MSFT), Alphabet (GOOGL) and Starbucks (SBUX) poised to report results. The Big Tech names reporting Tuesday and later this week especially are set to be closely watched, with these stocks having largely underperformed against the broader market for the year-to-date as 2020's tech and growth-led rally cooled and investors turned instead to cyclical and value shares.

News source: joker

"Except for Google, you get the FAANG stocks, and they've been dead money for 7, 8, 9 months now," Matt Maley, managing director and chief market strategist at Miller Tabak, told Yahoo Finance on Monday. "We're seeing Facebook trying to break out, Amazon finally trying to get to the top end of its range, Netflix last week couldn't break out, so that was a disappointment. So if those things could finally pick up, that would be positive [for stocks]."

Tuesday will also mark the first of the Federal Reserve's two-day rate-setting meeting, with the event ultimately unlikely to yield any major shifts in monetary policy. Officials have telegraphed their commitment to keeping policy highly accommodative during the recovery out of the pandemic, which to date has included keeping interest rates close to zero and maintaining an aggressive asset purchase program at a monthly rate of $120 billion.

"The Fed has been very clear that this time around they're going to wait to see inflation before they reaction." Kelsey Berro, JPMorgan Asset Management Fixed Income Portfolio Manager, told Yahoo Finance. "In the past, they've relied on their forecasts, and their forecasts really haven't done a good job. Inflation has consistently missed the mark over the past couple decades. And this time around, they're doing a different approach. They're going to wait and see the data before they react."

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