Stocks Mixed Ahead of Key Inflation Data; Earnings to Gauge Consumer Health
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Stocks closed Monday's trading session mixed as investors turn their attention to the October CPI report, which comes out on Tuesday. The Dow ended slightly higher while the S&P 500 and Nasdaq edged lower.
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Earnings reports this week from major retailers like Walmart, Target, and Home Depot will provide insight into the health of the consumer amid high inflation and rising rates. Analysts expect divergence in performance.
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OPEC's latest report says oil market fundamentals remain strong despite recent price declines, attributing the drop to reduced speculation by financial investors.
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The government faces another potential shutdown this week if lawmakers can't agree on temporary spending measures. The risk comes after Moody's warned of polarization in Congress.
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Big banks disagree on the Fed's future rate cut timeline. Morgan Stanley sees cuts starting mid-2023 while Goldman expects them to begin in late 2024.