Stock Market Today: Stocks End Lower Ahead of Tech Earnings, Fed Meeting
Stocks were choppy Monday as investors looked ahead to a busy week. In addition to Big Tech earnings slated for release over the next several sessions, the Federal Reserve''s latest policy decision is due out Wednesday afternoon. SEE MORE 10 Best Low-Volatility Stocks to Buy Now "The Fed is still in a very good position to deliver another 75 basis-point hike as inflation stays around a four-decade high and as the economy is still adding jobs at a healthy clip," says Edward Moya, senior market strategist at currency data provider OANDA. "Since the Fed was late to fight inflation, it should not come as a surprise that they will try to remain aggressive with tightening as the [economic] outlook dims." The energy sector ( 3.7%) outperformed today as U.S. crude futures jumped 2.1% to $96.70 per barrel, while consumer discretionary stocks (-0.9%) lagged on a sharp selloff in Weber ( WEBR , -12.7%) shares. The grill maker issued preliminary fiscal third-quarter sales figures that came in well below analysts'' consensus estimate and withdrew its full-year guidance, citing "rising inflation, supply-chain constraints, fuel prices and geopolitical uncertainty." Weber also said it is replacing its CEO, effective immediately, as it looks to better position itself "to navigate historic macroeconomic challenges." Sign up for Kiplinger''s FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice.
Stock Market Today: Stocks End Lower Ahead of Tech Earnings, Fed Meeting
Stocks were choppy Monday as investors looked ahead to a busy week. In addition to Big Tech earnings slated for release over the next several sessions, the Federal Reserve''s latest policy decision is due out Wednesday afternoon. SEE MORE 10 Best Low-Volatility Stocks to Buy Now "The Fed is still in a very good position to deliver another 75 basis-point hike as inflation stays around a four-decade high and as the economy is still adding jobs at a healthy clip," says Edward Moya, senior market strategist at currency data provider OANDA. "Since the Fed was late to fight inflation, it should not come as a surprise that they will try to remain aggressive with tightening as the [economic] outlook dims." The energy sector ( 3.7%) outperformed today as U.S. crude futures jumped 2.1% to $96.70 per barrel, while consumer discretionary stocks (-0.9%) lagged on a sharp selloff in Weber ( WEBR , -12.7%) shares. The grill maker issued preliminary fiscal third-quarter sales figures that came in well below analysts'' consensus estimate and withdrew its full-year guidance, citing "rising inflation, supply-chain constraints, fuel prices and geopolitical uncertainty." Weber also said it is replacing its CEO, effective immediately, as it looks to better position itself "to navigate historic macroeconomic challenges." Sign up for Kiplinger''s FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice.