, joining their global counterparts on the path toward a monthly loss as crucial economic data waits in the wings and the US Federal Reserve convenes for its two-day policy meeting.
The Federal Reserve Open Market Committee gathers on Tuesday for its monetary policy meeting, which is expected to culminate on Wednesday with a decision to leave the Fed funds target rate in the 5.25%-5.50% range. “The market is being staggered by a combination of punches delivered by the Fed, the consumer and the overall economy, “Stovall added. “And instead of the four, five or six rate cuts that had been anticipated earlier, now the question is, will we get even one this year?”
Analysts now see aggregate S&P 500 first quarter earnings growth of 6.0% year-on-year, up from the 5.1% estimate as of April 1, according to LSEG.