Stocks Edge Lower Ahead of Fed Speeches as Strong Holiday Shopping Tempers Recession Fears
• Pre-markets are down slightly for a second day in a row due to lack of new catalysts now that earnings season is mostly over.
• Chinese e-commerce company Pinduoduo reported strong Q3 results, beating estimates and sending its shares up over 14% pre-market.
• Several Fed members including Chairs Powell and Goolsbee will speak today about interest rates and the economy.
• Next week the Fed enters blackout period before its next meeting in 2 weeks.
• Holiday shopping set new record with $12.4 billion spent yesterday, not indicating recession.