U.S. stocks ended lower on the first trading day of 2023 with the biggest drags from Tesla and Apple $TSLA $AAPL
Investors on Wednesday will closely monitor the minutes of the Fed's December policy meeting, when the central bank raised interest rates by 50 basis points after four straight 75 basis points hikes and signaled rates could stay higher for longer.
Weakness in the labor market could give the Fed a reason to ease its monetary policy tightening, but the data so far has shown that market remains tight despite rate hikes. Advancing issues outnumbered declining ones on the NYSE by a 1.42-to-1 ratio; on Nasdaq, a 1.20-to-1 ratio favored advancers.
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