Wall Street is cutting earnings forecasts more aggressively than usual in the current quarter, but analysts' outlooks for 2024 aren't nearly as negative.
Stocks slipped on Wall Street ahead of some key reports this week on the job market that might provide more insight into the Federal Reserve’s thinking about interest rates. The Dow Jones Industrial Average fell 41 points, and the Nasdaq composite fell 0.8%. Alaska Airlines slumped after it said it would buy Hawaiian Airlines.
U.S. stocks ended lower on Monday, interrupting last week's rally, as investors turned cautious ahead of employment data due this week that could alter expectations that the Federal Reserve will cut interest rates early next year. The S&P 500 receded, with megacaps Microsoft, Apple , Nvidia and Amazon dipping over 1%, pressured by higher U.S. Treasury yields, which made returns on stocks less attractive. The S&P 500 registered its highest close of the year on Friday as remarks from Fed Chair Jerome Powell acknowledged the central bank's need to "move forward carefully" amid signs of economic softening, comments that bolstered expectations the Fed has finished raising rates.