Stocks End Mixed, All Eyes On Today's FOMC Announcement, And More Earnings  Image: Bigstock Stocks ended mixed yesterday with the Dow finishing in green, while the tech-heavy Nasdaq and small-cap Russell 2000 both closed lower by -0.76%. Yesterday's Case-Shiller Home Price Index was off -0.2% m/m (unadjusted), with the y/y snapshot up 5.4% vs. last month's pace of 4.9%. The Consumer Confidence Index jumped to 114.8 vs. the consensus for 114.0 and last month's upwardly revised 108.0. And the Job Openings and Labor Turnover Survey report (or JOLTS for short), rose to 9.026 million vs. last month's 8.925M and views for 8.70M. After the close yesterday, we got some of the big tech earnings we were all waiting for. Microsoft reported a 6.16% positive EPS surprise, and a 1.62% positive sales surprise on strong Azure sales. That translates to a 26.3% quarterly growth rate vs. this time last year, and a 17.6% sales growth. They were muted in after hours trade with shares off by -0.24%. Alphabet (aka Google) reported a 2.50% positive EPS surprise, and a 2.19% positive sales surprise. That equates to a quarterly growth rate of 56.2% vs. 4 quarters ago, and a 14.6% sales growth. While they cited strong cloud growth, their ad revenue came in lighter than expected, and shares were off by roughly -6% in after-hours trade, after giving up -1.34% in the regular session. Advanced Micro Devices also reported after the close and posted earnings in line with expectations of 77 cents adjusted (no surprise in either direction), and a positive sales surprise of 0.88%. That equates to a 42.6% EPS growth rate vs. this quarter last year, and a 10.2% sales growth. But slightly weaker than expected guidance for Q1 of $5.4B (variance of +/- $300M), vs. expectations for $5.73B weighed on shares in after-hours by roughly -6.5%, after shedding -3.24% in the regular session. No matter how you slice it, they had a solid quarter. And they gave a bullish outlook on their AI chip sales. Today there are another 99 companies on deck to report with Novo Nordisk, Mastercard, and ADP reporting before the open, and Qualcomm, MetLife, and Tetra Tech reporting after the close. On the economic report front today, we'll get MBA Mortgage Applications, the ADP Employment Report, and the Chicago PMI. And, of course, the FOMC announcement. Nobody is expecting the Fed to cut rates today. But everybody is hoping to learn a little more about when the Fed thinks they might begin their long awaited rate cuts, and some insight into how many cuts they think they might make this year.
The announcement comes out at 2:00 PM ET. That'll be followed by the customary Fed Chair Press Conference at 2:30. Should be a busy day. See you tomorrow,  Kevin Matras
Executive Vice President, Zacks Investment Research | 
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