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Investing.com — Stocks gave up their gains despite stronger than expected earnings from several large companies as Treasury yields shot higher.
Investors are fleeing risk stocks amid the Federal Reserve’s aggressive campaign to raise interest rates to calm inflation, pressing on the Nasdaq and tech stocks just as big tech companies start to report earnings.
The Fed’s survey of its 12 member banks, known as the Beige Book, showed the outlook on economic growth getting gloomier. There is more pessimism because of weakening demand, though parts of the economy are holding up better than others.
Inflation is running above the Fed’s 2% target, though there was a glimmer of hope in the report that prices would moderate. The labor market remains tight, though about half the districts reported an easing up of hiring and keeping employees in jobs.
The next reading on gross domestic product comes out a week from now. Analysts expect third quarter GDP to rise 2% after falling 0.6% the prior period.
Here are three things that could affect markets tomorrow:
1. AT&T earnings
AT&T Inc (NYSE:T) is expected to report earnings of 61 cents a share on revenue of $29.9 billion six months since spinning off the Warner Bros. Discovery operations.
2. CSX earnings
Railroad giant CSX Corporation (NASDAQ:CSX) is expected to report earnings of 49 cents on $3.75 billion in revenue. Analysts will be listening for word on freight volumes, which have affected other logistics companies.
3. Snap earnings
The social media platform Snap Inc (NYSE:SNAP) is expected to report a loss of 24 cents a share on revenue of $1.1 billion, and analysts will be listening for an update on user numbers and advertising.
