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Recently, US stocks closed higher after a six-day losing streak for the S&P 500. Traders are eagerly awaiting earnings reports from high-profile companies, hoping for a new catalyst to jumpstart the first-quarter rally. Tesla is set to report earnings after the closing bell on Tuesday, followed by Meta on Wednesday.
Despite the recent market downturn, investors are keeping a close eye on Tesla’s earnings report, anticipating potential challenges for the car company as its stock has already declined by 43% in 2024. Analysts at Barclays are bracing for negative catalysts, signaling a period of uncertainty and a possible investment thesis pivot.
With the macroeconomic outlook weakening and inflation rates remaining high, investors are cautious about rate cuts in 2024. The Federal Reserve’s recent hawkish stance on monetary policy has added to the uncertainty in the market. As traders struggle to maintain the first-quarter rally, the upcoming earnings season holds significant importance in shaping market sentiment.
In addition to earnings reports, the market will also be closely watching the latest inflation data, particularly the personal consumption expenditures (PCE) figures due to be released on Friday. The PCE is the Fed’s preferred inflation gauge and any unexpected changes could further impact market dynamics.
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