US stocks edged lower on Tuesday as traders prep for the Federal Reserve's May FOMC meeting, which is expected to conclude with a 25-basis-point interest rate hike on Wednesday.
Investors will also be looking to Fed Chairman Jerome Powell's press conference for any clues that a pause in future rate hikes is imminent, especially after First Republic Bank became the third bank to collapse in recent months. Investors also have their eyes on corporate earnings, with Apple set to report their results after the market close on Thursday.
So far, earnings have held up better than analyst estimates. With 57% of S&P 500 companies having already reported results, 80% are beating profit estimates by a median of 8% while 74% are beating revenue estimates by a median of 3%, according to Fundstrat.
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