FX.co ★ S&P 500 closes near all-time high as tech stocks dipped in anticipation of large companies' earnings report

The US market traded near all-time highs this week as tech stocks dipped in anticipation of the earnings report of many large companies.

The S&P 500 was able to hit a new high, but went back to 4.195 points as the decline in Microsoft and Alphabet shares put pressure on the index.

Nonetheless, 4 out of 5 companies under the S&P 500 met or exceeded expectations, surprising investors who expected weak reports.

Among other things, the US will also publish a report on consumer confidence, which is projected to increase to 6.8% year-on-year this first quarter.

Unfortunately, this will not change the position of the Federal Reserve, who is keen on keeping a super-soft monetary policy.

Other important events this week are:

- press conference of Fed Chairman Jerome Powell (to be held on Wednesday after the Fed meeting);

- speech of US President Joe Biden, with his first address as president to a joint meeting of Congress (to be held on Wednesday);

- report on Q1 GDP, which is expected to accelerate, thanks to massive government stimulus (to be published on Thursday).