Stocks ticked mostly higher on Monday as market participants looked ahead towards a week of busy tech earnings and the Federal Reserve's next monetary policy decision. The S&P 500 Index and Nasdaq Composite rose above the flatline, while the Dow Jones Industrial Average dipped nearly 50 points lower.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): +0.08% or +4.44 points to 5,463.54

Dow Jones Industrial Average (DIA  ): -0.12% or -49.41 points to 40,539.93

Nasdaq Composite Index (QQQ  ): +0.07% or +12.32 points to 17,370.20

Moving Markets:

The Fed meets on Tuesday through Wednesday this week, but most investors are not expecting an interest rate cut until September. The majority of traders expect the Federal Open Market Committee to hold rates at their current target range of 5.25% to 5.50% at the conclusion of their July meeting, according to CME Group's FedWatch Tool.

However, all traders see a rate cut in September, according to the FedWatch Tool, with the majority expecting the target range to decline to 5.00% to 5.25%.

Elsewhere, Oppenheimer strategist John Stoltzfus said in a note that a broader market rally outside of Big Tech is brewing as the S&P 500 and Nasdaq Composite lost some ground last week, while the Dow rose higher.

"It's not so much that investors are abandoning the 'Magnificent Seven' stocks and the domination of market performance by the largest tech names but rather the broadening to us looks like a realistic perception by market participants that the next leg up requires a wider and less concentrated approach for stocks to move higher as the Fed gets nearer to cutting its benchmark rate," Stoltzfus wrote, quoted by CNBC.

On the Earnings Front:

McDonald's (MCD  ) reported disappointing second-quarter earnings and revenue on Monday as same-store sales declined across all of the fast-food chain's divisions. Total same-store sales shrank 1% during the quarter, with the U.S. sale declined 0.7%, its international operated markets division (which includes France and Germany) fell 1.1%, and its international developmental licensed markets (includes China) decreased by 1.3%.

"Industry traffic has declined in major markets like the U.S., Australia, Canada, and Germany. In several markets, we also continue to be negatively impacted by the war in the Middle East," CEO Chris Kempczinski said during the company's earnings call with analysts. "These external pressures certainly weighed on our performance for the quarter, with declines in comparable sales globally and across each of our segments, but there were also factors within our control that contributed to our underperformance, most notably, our value execution."

On Semiconductor (ON  ) shares jumped higher on Monday after the chipmaker posted strong second-quarter earnings. The company also expects third-quarter earnings in the range of $0.91 to $1.03 per share on revenue between $1.70 billion and $1.80 billion.

"As reflected by our recent supply agreement with Volkswagen Group, we also continue to strengthen our silicon carbide leadership position in automotive as we ramp production with leading global OEMs in Europe, North America and China," CEO Hassane El-Khoury said in a release.

For Tuesday:

Market participants will assess data on Job Openings for June and Consumer Confidence for July on Tuesday, alongside quarterly earnings reports from companies including Procter & Gamble (PG  ), Merck (MRK  ) and Pfizer (PFE  ) before open and Microsoft (MSFT  ) and Advanced Micro Devices (AMD  ) after closing bell.