Stocks Hold Records as Tech Earnings and Fed Decision Loom

Stocks started the week quietly but constructively, with the S&P 500 and Nasdaq edging to fresh intraday and closing highs as investors looked ahead to a packed stretch of megacap tech earnings and central bank decisions. Gains were restrained by higher oil prices, a modest rise in Treasury yields, and softer moves in gold and crypto, leaving markets broadly steady but focused on whether earnings and policy commentary can validate the recent rally.

Key Headlines & Market Movers:

• Tech Earnings Take Center Stage: Five major Magnificent Seven companies report this week, making AI spending, cloud demand, margins, and forward guidance key tests for market leadership after a strong April rally. Nvidia’s move to an all-time high underscored continued investor enthusiasm around AI, while Intel extended Friday’s sharp gain and Qualcomm rose after reports of work with OpenAI on smartphone processors.
• Fed Expected to Hold Rates Steady: The Federal Reserve is widely expected to leave rates unchanged on Wednesday, but investors will be watching Chair Jerome Powell’s tone closely for any shift in how policymakers view the inflation risk from higher energy prices and geopolitical disruption. Treasury yields moved modestly higher, suggesting markets remain sensitive to any signal that the Fed may need to stay patient for longer.

Oil Rises on Iran Tensions: Crude prices advanced after President Trump scrapped planned U.S. talks with Iranian counterparts, keeping geopolitical risk front and center. Higher oil prices could complicate the inflation outlook if sustained, while also pressuring rate-sensitive areas of the market even as equities remain supported by strong technology momentum.

S&P 500 Sector Performance

Looking Ahead

The rest of the week will likely hinge on whether Big Tech earnings can show enough revenue growth and AI-related return on investment to justify elevated expectations, while the Fed and other major central banks are expected to reinforce a cautious, wait-and-see stance. Advisors should watch for any signs that higher oil prices are feeding into inflation expectations, as well as whether market leadership broadens beyond AI-linked winners or remains concentrated in a narrow group of megacap names.

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