News
Fed signals rates will stay higher for longer; Yen rises amid intervention speculation
Fed Decision: The US Federal Reserve is expected to keep the federal funds rate unchanged at the end of its two-day meeting. Following a string of hotter-than-expected employment and inflation numbers, investors will be watching for clues about when the central bank expects to cut interest rates.
Employment in USA: US government data is expected to show that job openings in March fell to 8.69 million from 8.75 million in February. Separately, ADP will release its US employment report for April, which will provide some insight into the labor market ahead of the government’s official numbers on Friday. Private payrolls are expected to have created 175,000 jobs in April, compared to the 184,000 jobs created in March.
Pfizer: The pharmaceutical company is expected to report that quarterly revenue decreased 23.4% from the same period last year to $14 billion, according to LSEG, as the company faces weak demand for its vaccine and medicine. antiviral against Covid-19.
Other companies: CVS Health, KKR, Marriott International, Estée Lauder, Kraft Heinz, Yum Brands and Norwegian Cruise Line will report earnings before the bell. DoorDash, eBay and Etsy will report after markets close.
Manufacturing: Activity in the US manufacturing sector is expected to have remained in expansion territory, but the April reading is forecast to have fallen 0.3 percentage points to a reading of 50.