Wall Street struggled to gain traction as traders gearing up for key economic data and awaited Facebook parent Meta’s result, which sent the stock tanking in after-hours trading.
Wall Street struggled to gain much traction and closed largely unchanged, with traders gearing up for economic data that will help shape the views on the Federal Reserve’s next steps.
With several high-profile earnings reports coming in, Mark Hackett at Nationwide said this week’s results would test Wall Street’s comfort. While the cohort of seven megacaps has done well in the last two years because of their superior earnings-per-share growth relative to the broader market, this advantage could decrease in 2024 and even more significantly in 2025, Hackett noted.
after revealing it lost $US355 million on falling sales in the first quarter, another sign of the crisis gripping the aircraft maker as it faces increasing scrutiny over the safety of its planes. Interest rates staying elevated longer, along with economic uncertainty and geopolitical turmoil have lessened the appeal of some of the stock market’s cheapest strategies.
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