Wall St is flat as investors await earnings

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That report heightened chances that the Federal Reserve could delay implementing its first interest rate cut at its monthly Federal Open Market Committee meetings longer than previously expected.
“It’s probably a better day to watch the eclipse than it is to trade stocks,” said Jay Hatfield, CEO and portfolio manager at InfraCap in New York.
“I don’t think anybody wants to really reposition one way or the other ahead of CPI.”
Year-on-year headline CPI is expected to gain some heat, rising to 3.4% from 3.2% in February, underscoring inflation’s meandering journey back to the Fed’s 2% annual target.
“When I heard (Goolsbee) was speaking at one, I was relieved because I know he’s a dove,” Hatfield added.
“So, there was no need to worry about the market melting down while everyone is looking at the sun.”
Advancing issues outnumbered decliners on the NYSE by a 1.57-to-1 ratio; on Nasdaq, a 1.30-to-1 ratio favored advancers.
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April 8 (Reuters), New York – U. S. At the end of a turbulent session on Monday, stocks remained mostly unchanged as investors took a break ahead of important inflation data and the start of the first-quarter earnings season. A solar eclipse also provided some entertainment.

The likelihood that the Federal Reserve would take longer than anticipated to execute its first interest rate cut at its monthly Federal Open Market Committee meetings increased as a result of that report.

“The most likely outcome is for a rate cut to happen at the July FOMC meeting, instead of June,” stated Sam Stovall, chief investment strategist at CFRA Research in New York. “Wall Street is adjusting expectations to reflect the fact that the Fed could be slower to lower interest rates.”.

The March Consumer Price Index (CPI) report from the Labor Department is anticipated to reveal on Wednesday a minor slowdown in monthly price growth and a slight decline in the annual core number—which does not include volatile food and energy items.

Jay Hatfield, CEO and portfolio manager at InfraCap in New York, stated, “It’s probably a better day to watch the eclipse than it is to trade stocks.”. “I don’t believe anyone truly wants to change their stance in front of the CPI. ****.

The headline CPI is predicted to pick up steam year over year, coming in at 3 percent from 3 points 2 percent in February, highlighting inflation’s rambling return to the Fed’s 2 percent annual target.

On Monday, President Austan Goolsbee of the Federal Reserve Bank of Chicago stated that the institution needs to evaluate the duration of its stringent policies without causing harm to the economy.

Hatfield continued, “I was relieved to hear that Goolsbee was speaking at one because I know he’s a dove.”. Consequently, there was no reason to be concerned about the market collapsing while everyone is gazing at the sun. “.”.

According to LSEG, as of this Friday, analysts anticipate that the aggregate SandP 500 earnings will grow by 5.0 percent year over year, which is less than the 7.2 percent annual estimate that was initially projected at the start of the quarter.

On the New York Stock Exchange (NYSE), advancers outnumbered decliners by a ratio of 1 point57 to 1; on the Nasdaq, the ratio was 1 point 30 to 1.

There were 22 new 52-week highs and two new lows for the S&P 500, while there were 79 new highs and 84 new lows for the Nasdaq Composite.

Amount on U. S. exchanges totaled 9 point 50 billion shares, down from the session’s average of 11 point 53 billion shares over the previous 20 trading days.

Richard Chang edited; Stephen Culp reported.

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