The major averages are coming off their worst week of 2023 so far.
Stocks sank Friday and Treasury yields jumped following a bigger-than-expected increase in the latest reading forThe early 2023 rally seems to be fading as investors absorb the minutes of the latest Fed meeting, which reiterated the central bank's tough stance on inflation, as well as recent comments from Fed officials cautioning interest rates could rise higher and for longer than anticipated.
"As we head into a seasonally weak period, with bets rising that the Fed may go with a 50bps increase instead of a 25bps in March, though still a minority opinion, the short-term market risk remains to the downside despite three straight weeks of losses," said Louis Navellier, chairman and founder of growth investing firm Navellier & Associates. "The bears are dusting themselves off after getting sacked in January.
In the week ahead, investors will be looking for clues about how inflation is affecting consumers and businesses amid a handful of economic data reports and corporate earnings. Durable goods orders are due out Monday morning. Consumer confidence and the ISM manufacturing survey are also on deck in the coming week.
In earnings, just 6% of the S&P 500 will report but investors are looking for insight into the consumer with several major retailers, restaurants, some travel and entertainment names as well as food companies set to report. Target, Costco, Lowe's and Macy's are some of the big names set to report earnings this week.The Dow Jones Industrial Average fell 15 points, or 0.05%. The S&P 500 lost 0.01%. The Nasdaq Composite ticked up by 0.01%.
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