US stocks finish mixed as tech earnings loom

US stocks ended Monday with a mixed finish as investors held back ahead of a dense week of corporate updates and a closely watched central bank decision. Traders balanced expectations for quarterly results from major technology companies with concerns that interest rates could stay higher, keeping the mood cautious into the next set of catalysts.

Market participants also reacted to weekend headlines after President Trump discussed peace talks with Iran. Officials’ comments contributed to a decline in oil prices, adding a geopolitical consideration to trading without materially changing the broader direction of equities by the close.

Tech results in focus as investors reassess high valuations With several large technology companies preparing to report, investors treated Monday as a positioning session rather than a decisive risk-on or risk-off day. Some traders questioned how durable the recent rally tied to artificial intelligence enthusiasm has been, which narrowed demand for higher-valuation shares and encouraged a more selective approach.

That caution showed up as investors scrutinised the premium attached to companies seen as core beneficiaries of AI-related spending. The result was a market that moved unevenly, reflecting a pause while investors waited for fresh company-level evidence on growth, pricing power, and cost trends.

Microsoft and Apple are scheduled to report quarterly results this week. Their earnings and forward guidance are expected to serve as bellwethers for enterprise cloud demand and consumer hardware conditions, two areas that investors frequently use to gauge the health of broader technology spending.

Microsoft and Apple guidance seen as proxy for cloud and hardware In Microsoft’s case, investors will focus on signals about enterprise purchasing behaviour and the pace of cloud demand, including how customers are allocating budgets to AI-related initiatives. For Apple, attention will centre on consumer hardware trends, as well as any management commentary that clarifies demand patterns and product momentum.

Across both reports, investors are expected to track revenue and margins closely and parse management statements on AI-related spending. Those details are likely to shape whether investors continue to support elevated technology valuations or begin to reassess multiples, particularly for stocks where expectations are already high.

Federal Reserve decision set for Wednesday, July 29, 2026 The Federal Reserve’s monetary policy decision is due on Wednesday, July 29, 2026, and investors indicated it could set the near-term tone for equity risk-taking. The prospect of higher interest rates remained a central consideration on Monday, reinforcing the market’s restrained stance ahead of the announcement.

Traders also anticipated heightened volatility around both the Fed decision and the largest technology earnings releases. How markets respond to those events will help determine whether Monday’s mixed close becomes the start of a more lasting rotation within equities or simply a brief pause after the recent advance.