The S&P 500 has shown resilience, rising for a second consecutive day as investors await the Federal Reserve's interest rate decision scheduled for Wednesday at 2 p.m. ET. The current yield on the 10-year Treasury note is just under 5% at 4.99%, while shorter-term Treasury yields are also notable, with the two-year note at 4.74% and the one-month T-bill at 4%.
In corporate news, Robinhood reported earnings that fell short of expectations, resulting in a 7% drop in its stock price after hours, marking a 38% decline from its peak last October. Jim Cramer discussed the viability of investments in data center and AI sectors, despite rising borrowing costs, emphasizing that the industry could still yield profits beyond just major players like Nvidia.
In healthcare, Biogen is set to report earnings, having seen a 26% increase in its stock over the past three months, while Boston Scientific and GSK have faced declines. Alphabet and Microsoft are also scheduled to report earnings, with Microsoft showing a 36% increase over the last three months but remaining flat year-over-year