U.S. Stocks Wobble to Open Big Week of Economic Data and Earnings

U.S. stocks opened flat and then moved higher as investors prepared to take in a slew of corporate earnings and a new set of economic data, including the Federal Reserve’s interest rate decision later this week.

At 9:43 AM ET, the Dow Jones Industrial Average was up 52 points, or 0.2%, while the S&P 500 was up 0.1% and the NASDAQ Composite was flat.

This week includes earnings reports from Apple Inc., Visa, Inc. Class A , Microsoft Corporation and others, not to mention the Fed decision and the first reading of second quarter gross domestic product.

Many economists look at trends in GDP to judge the direction of the economy, with two consecutive quarters of negative growth considered to be a sign of recession. The first quarter reading showed a contraction.

Consumer confidence data also comes out this week along with data on personal income and spending, and the Fed’s preferred inflation measure, the personal consumption expenditures index.

Tesla, Inc. stock fell 0.8% after it said in a regulatory filing that it made a $64 million gain from Bitcoin sales during the first six months of 2022.

Squarespace, Inc. stock fell 3.8% after the website builder and hosting service cut its full-year revenue guidance, and Koninklijke Philips NV fell 8% after the Dutch medical equipment maker reported disappointing earnings, citing China lockdowns and supply chain problems.

Oil rose. Crude Oil WTI Futures was up 1%, to $95.70 a barrel while Brent Oil Futures crude was up 0.6% to $98.98 a barrel. Gold Futures fell 0.4%, to $1,719 an ounce.

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