NEW YORK, July 12 ― US stocks lost ground yesterday as a lack of catalysts left market participants warily embarking on a week back-end loaded with crucial inflation data and the unofficial beginning to second-quarter earnings season.
“We know inflation is being driven by supply constraints, and China is an important factor,” Haworth added. “And threw a cold blanket on the market this morning.” The market currently expects that the central bank will raise the Fed funds futures rate by 75 basis points in its latest salvo against red-hot inflation, a tactic which some fear could tip an already cooling economy into recession.
Before big banks launch second quarter earnings season in earnest on Thursday and Friday, PepsiCo and Delta Air Line results are expected today and Wednesday, respectively.
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