All the major stock averages posted losses last week, as worries persisted over continued interest rate hikes. Last week, the Dow Jones fell 2.77%, the S&P 500 tumbled 3.37% and the Nasdaq dropped 3.99%. Attention now shifts toward the latest inflation numbers, which will be released on Tuesday morning (Tomorrow). In addition, on Wednesday afternoon, The Federal Reserve will likely deliver a 0.50% interest rate increase. While this increase would be smaller than the previous four hikes, concerns have started to mount over whether an economic recession can be prevented.
Economic reports from last week came back mixed: •Labor Productivity - higher than expectation •Consumer Credit - lower than expectation •Jobless Claims - higher than expectation •Consumer Sentiment - higher than expectation
This week, investors will look for guidance from economic reports like Small Business Optimism, Retail Sales, Manufacturing and Jobless Claims.