Stocks Mixed as Investors Await Fed, Microsoft and Alphabet Earnings
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Stocks were mixed Tuesday, with the Dow rising 0.4% while the S&P 500 slipped 0.1% and the Nasdaq fell 0.8% ahead of earnings from Microsoft and Alphabet.
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The Federal Reserve kicked off its first policy meeting of 2024, with investors parsing Powell's remarks tomorrow for clues on interest rate cuts.
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UPS shares tumbled over 8% after Q4 profits fell more than 50% on lower shipping volumes, while GM jumped nearly 8% on strong earnings.
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Oilfield services stocks sank after Saudi Aramco scrapped plans to expand production capacity amid slowing oil demand growth.
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Analysts expect Microsoft's Intelligent Cloud revenue to reach a record $25.3 billion for Q2 fiscal 2024, up 18% year-over-year.