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By Staff Reporters
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Stocks Lower to Kick off the Week
U.S. stocks declined, continuing losses that came in the wake of a much stronger-than-expected key labor report, which caused FOMC uncertainty to flare back up. The uncertainty came as the employment data followed a decelerated rate hike, and some seemingly less hawkish commentary from the Fed.
CITE: https://www.r2library.com/Resource/Title/0826102549
The economic calendar will deliver some reports today that may garner attention, including data on the trade deficit and consumer credit. Additionally, the FOMC will be headlined by today’s speech from Fed Chair Jerome Powell. Q4 earnings season remained in high gear this week, as Tyson Foods kicked things off in lackluster fashion by missing expectations.
In other equity news, Dell Technologies announced that it plans to reduce its workforce by about 5.0%, or 6,500 jobs, while Public Storage made a hostile takeover bid for Life Storage.
Treasury yields rose, and the U.S. dollar increased, along with crude oil and gold prices. Asia finished mixed, as geopolitical tensions remain elevated after the U.S. shot down what was believed to be a Chinese spy balloon floating over U.S. soil.
Additionally, markets in Europe were mostly lower, trimming some of its strong start to the year.
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Filed under: Funding Basics, Investing, Alternative Investments, "Ask-an-Advisor" | Tagged: Asian stocks, DAILY UPDATE Stocks Close Lower, Dell, European stocks, FOMC, Jerome Powell, Public Storage, stocks close lower, Treasury yields |
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