Some losses were mitigated Tuesday as a better-than-feared earnings season continued with a strong report from Pfizer. Investors will monitor the central bank's statement and Fed Chair Jerome Powell's press conference for signs of a slowing tightening pace. Tuesday marked the start of the Fed's November meeting, which many expect will result in a 75 basis point interest rate hike on Wednesday. "We're still in the bad news is good news cycle." "Any time you get good news, the market doesn't like it because it just means that the Fed is probably going to be tightening more and potentially for longer," said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research. The news heightened fears that the central bank may keep its aggressive stance as it fights to tame high inflation. The Nasdaq Composite shed 0.89% to 10,890.85.Īll the major averages opened higher but turned negative after job openings in September showed a resilient labor market. Stocks dipped on Tuesday as traders assessed better-than-expected economic data and prepared for another likely rate hike from the Federal Reserve.
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