U.S. indexes up in choppy session ahead of key results and data, Fed meeting
Tesla up after Morgan Stanley adds stock to 'top pick' list
McDonald's jumps on $5-meal deal beat
Crypto stocks fall, Abbott drops after formula verdict
Indexes: Dow off 0.02%, S&P up 0.15%, Nasdaq up 0.15%
Updated prices at 2:29 p.m ET/ 1829 GMT
By Sinéad Carew and Ankika Biswas
July 29 (Reuters) - The Nasdaq and S&P 500 edged higher on Monday in choppy trading as investors anxiously awaited a raft of technology company earnings, a Federal Reserve policy decision on interest-rate cuts and key US labor data, all this week.
Quarterly reports from market heavyweights such as Microsoft MSFT.O and Apple AAPL.O, Meta META.O and Amazon.com AMZN.O this week will offer clues on whether their stocks are vulnerable or can extend their recent rallies.
After the Fed ends its scheduled meeting on Wednesday investors are hoping that it will signala Septemberrate cut in itspolicy verdict.
On Friday investors will focus on the July non-farm payrolls report for signs of possible weakening in the labor market.
"Understandably we're wavering," said Mona Mahajan, principal and senior investment strategist at Edward Jones, pointing to theupcoming catalysts andWall Street's Friday advance.
"Markets are largely in wait-and-see mode. We have big economic news this week, both the Fed meeting Wednesday and the jobs report on Friday. We also have huge earnings reports coming out of mega cap technology," she said.
Technology megacaps have dominated Wall Street's record-breaking run, prompting investors to recentlyturn their attention to laggards such as mid- and small caps, which are expected to benefit from a low-interest-rate environment.
"A lot of investors are keen to see whether the recent rotation we've been seeing in the markets has legs, or does mega cap technology really kind of shine through in its earnings reports," Mahajan added.
However, on Monday, the small-cap Russell 2000 .RUT dropped 1.3% after three straight weeks of gains.
The Dow Jones Industrial Average .DJI fell 10.05 points, or 0.02%, to 40,579.29. The S&P 500 .SPX gained 7.95 points, or 0.15%, at 5,467.05 and the Nasdaq Composite .IXIC added 25.24 points, or 0.15%, at 17,383.12.
Among the S&P 500's 11 major industry sector indexes consumer discretionary .SPLRCD provided the biggest boost with its lead contribution from Tesla TSLA.O. The electric vehicle maker's stock rose more than 5% afterMorgan Stanley added it to its "top pick" U.S. autos' list.
McDonald's MCD.N shares jumped more than 4% after it said its$5-meal deal, launched late in June, was popular among customers shying away from higher-price items. Despite the strong reception for the deal, the fast food giant reported asurprise drop in sales, its first in 13 quarters.
Abbott Laboratories ABT.N shares dropped1% aftera juryordered it topay $495 million in damages in a trial that found the healthcare company's formula for premature infants had caused a dangerous illness.
Crypto stock trading was also choppy with CoinbaseGlobal COIN.O down more than 1% while peers RiotPlatforms RIOT.O andMarathon Digital MARA.O fell more than 4%after an initial jump whenbitcoin BTC= prices hitseven-week highs.
Declining issues outnumbered advancers on the NYSE by a 1.40-to-1 ratio; on Nasdaq, a 1.93-to-1 ratio favored decliners.
The S&P 500 posted 30 new 52-week highs and two new lows; the Nasdaq Composite recorded 111 new highs and 64 new lows.
Reporting by Sinéad Carew in New York, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Pooja Desai and Richard Chang
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