S&P 500 closes flat as traders brace for big earnings, Fed decision later this week

(CNBC) -- U.S. equities wavered on Monday, as traders braced for the busiest week of corporate earnings, as well as insights into further interest rate hikes from the Federal Reserve.

The Dow Jones Industrial Average climbed 104 points in the last leg of trading, or 0.3%, to 32,004.08. The S&P 500 added 0.1%, closing at 3,966.72. The tech-heavy Nasdaq Composite was the laggard, down 0.4% at 11,782.67. All of the major averages are on track for their best month of the year.

Monday kicked off the final week of trading for the month of July — and perhaps the most important week of the summer — with the Fed meeting and GDP data on deck. Almost a third of the S&P 500 are set to report quarterly earnings this week as well, including Apple, Alphabet and Microsoft. Investors are still worried about the potential of an economic recession and are hoping this week’s news storm will help reset their expectations.

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