US stocks fell for the third consecutive day as fresh data pointed to resilience in household and labor demand, affirming the Federal Reserve’s resolve to continue to be aggressive in its fight against inflation. Commodities from oil to copper sank as the dollar rose.
Three regional Fed presidents, in separate remarks on Tuesday, reiterated Chair Jerome Powell’s intention to bring down inflation. A reading on job openings Tuesday added to signs that the labor market remains tight and wage pressures persist. Jobless claims will air Thursday before Friday’s August payrolls report.
Analysts remain mixed on what recent remarks by Fed officials and upcoming data could mean for stocks. While Credit Suisse Group AG recommended investors go underweight global equities following the Jackson Hole symposium, JPMorgan Chase & Co. strategists say that a reading on the US labor market that spells bad news for the economy is actually a bullish signal for stocks.
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BMO misses Q3 expectations as capital markets earnings sink 53% - BNN BloombergBank of Montreal closed out earnings season for the Big Six with a profit miss as the lender set aside more funds for loans that could sour and saw earnings in its capital markets division tumble.
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BMO misses Q3 expectations as capital markets earnings sink 53% - BNN BloombergBank of Montreal closed out earnings season for the Big Six with a profit miss as the lender set aside more funds for loans that could sour and saw earnings in its capital markets division tumble.
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