U.S. stocks slipped on Monday after strong data on manufacturing activity in New York state supported the case for another interest rate increase in May, while investors awaited more quarterly reports to gauge the health of corporate America.
profits at S&P 500 companies to have declined 4.8% in the first quarter of 2023 from the year-earlier period, according to Refinitiv data, a slight improvement from last week's forecast of a 5.2% decline.its barometer of manufacturing activity in the state increased for the first time in five months in April.rates by 25 basis points to the 5.00%-5.25% range next month, but recent economic data signaling a slowing U.S.
Traders' bets of a 25-bps hike in May have risen to 85% from 78% last week, according to CME Group's Fedwatch tool. A slew of Fed officials are slated to speak this week, and investors will scrutinize the comments for new indications on whether further rate hikes are likely after May.
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