U.S. stock indexes drifted to a mixed finish Monday to kick off a week full of earnings reports from Wall Street’s most influential companies and a Federal Reserve meeting on interest rates.

The S&P 500 edged up by 4.44 points, or 0.1%, to 5,463.54, coming off its first back-to-back weekly losses since April. The Dow Jones Industrial Average slipped 49.41, or 0.1%, to 40,539.93, and the Nasdaq composite added 12.32, or 0.1%, to 17,370.20.

ON Semiconductor helped lead the market with a jump of 11.5% after the supplier to the auto and other industries reported stronger profit for the spring than analysts expected. McDonald’s rose 3.7% despite reporting profit and revenue for the latest quarter that fell shy of forecasts. Analysts said its performance at U.S. restaurants wasn’t as bad as some investors had feared.

Federal Reserve is edging closer to cutting rates

Two years after launching an aggressive fight against inflation and one year after leaving its benchmark interest rate at a near-quarter-century high, the Federal Reserve is expected to signal this week that it will likely reduce borrowing costs as soon as September.

A rate reduction this fall — the first since the pandemic — would amount to a momentous shift and a potential boost to the economy.

A single cut in the Fed’s key rate, now at roughly 5.3%, wouldn’t by itself make much difference to the economy. Financial markets widely expect it. The main question for the central bank will be: How fast and how far will the policymakers ultimately cut rates?