Stocks Mixed Ahead of Big Tech Earnings and Fed Decision; Consumer Confidence Rises but Spending Cautious
• Stocks are mixed as investors await major tech earnings from Microsoft and Alphabet after market close. Attention will then turn to the Fed's policy decision on Wednesday.
• Consumer confidence jumped to a 2-year high in January on slower inflation and strong labor market. However, big ticket purchase plans fell slightly.
• Job openings were little changed at 9 million in December. The resilience in the job market implies the Fed may hold off on rate cuts.
• The 10-year Treasury yield rose to 4.09% Tuesday morning after the better-than-expected jobs data.
• Earnings remain in focus this week with nearly half the S&P 500 companies reporting. Fed policy and January jobs report also on tap.