The Fed reveals its next decision on interest rates on Wednesday. Traders seem all but certain that the Fed will pause rates at its next meeting, but will be looking for clues on where the central bank will take rates from there.
Chair Jerome Powell has previously indicated that soaring bond yields could mean the end of hikes, but has not taken additional raises off the table.
That same day, the Treasury Department releases its quarterly refunding statement that outlines its borrowing needs and the steps it plans to fulfill over the next three months.
Corporate earnings are also top of mind for Wall Street. Apple shares rose 1.2% on Monday ahead of its quarterly results due after Thursday’s close, which will be closely watched after the carnage in tech stocks last week.
Other Big Tech stocks also rallied Monday. Alphabet shares rose 1.9%, Meta Platforms added 2%, Microsoft gained 2.3% and Amazon increased 3.9%.
McDonald’s shares also rose 1.7% on Monday after the fast-food chain beat top- and bottom-line expectations.
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“The jobs number will probably influence long-term bond yields materially,” said Tom Graff, head of investments at Facet. “We could see a very large rally if the jobs number comes in soft.”
The 10-year Treasury yield, which surged above 5% last week, stayed below that level on Monday, at 4.88%.
Traders largely expect that the Fed won’t hike rates for the rest of the year, according to the CME FedWatch Tool.
With one full trading day of the month left, all three major indexes are on pace to end October lower.
As stocks settle after the trading day, levels might change slightly.
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