Slow Day Ahead of the Elections

The stock market is starting the week up a little bit. I think most of Wall Street’s attention is focused on tomorrow’s mid-term election. Shares of Meta Platforms (META) are up about 5%. Of course, that’s coming after the stock was severely punished. On Friday, Meta got as low as $88 per share. The Wall Street Journal said the company could begin large-scale layoffs this week.

There’s not much economic news today but there will be a few Fed speakers. Cleveland Fed President Loretta Mester and Boston Fed President Susan Collins will speak about women in economics. Richmond Fed President Tom Barkin will speak on inflation. The futures market currently sees the Fed raising its target range for the Fed funds rate to 5.00 to 5.25% next year.

Reynolds Consumer Products (REYN) is up 1.6% today. The company is due to report its earnings tomorrow morning. Wall Street expects 23 cents per share.

Posted by on November 7th, 2022 at 10:29 am


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