CitigroupInvestors will be paying attention to company outlooks, with earnings for the quarter expected to decline 8.1%, according to Refinitiv data, a bigger decline than the 5.7% fall expected at the start of the month.
"Obviously, we are about to get all these reports but it feels to me earnings are going to be good and at the end of the day, how do you value stocks – based on the earnings and dividends," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. "By and large, the market in its totality continues to be reasonably priced if not kind of cheap. My bigger concern going forward is the Fed is going to start doing things it doesn’t need to do to win the inflation battle but will ultimately now really start to hurt the economy."and Nasdaq climbing to 15-month highs as economic data has pointed to a resilient economy, with inflation cooling and a solid labor market.
Markets have largely priced in a 25-basis-point rate hike by the Federal Reserve at its policy meeting next week, with expectations at 97.3%, according to CME's FedWatch Tool.
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