The major indexes have been grinding lower as the first-quarter earnings season heats up. Before the bell on Tuesday, Johnson & Johnson and insurance giant Travelers will report their latest results. Other notable reports include Hasbro, Lockheed Martin, and multiple mid-sized banks such as Citizens Financial.
With inflation and the Federal Reserve's next steps a key debate in markets, investors are watching for insight into how supply chains and consumer demand are performing for major companies. Expectations for Fed hikes have risen sharply in recent months, though the central bank has said it will be data dependent in deciding how it will hike rates throughout the year.
"Can the Fed raising rates actually solve some of the shortages we have with labor, with semiconductors, with wheat? Probably not. So maybe they're going to act a little bit less aggressively in the end than some people think," said Adam Parker of Trivariate Research on"
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