Wall Street's main indexes slipped on Friday as investors digested a mixed bag of earnings reports, while uncertainty around the outlook for U.S. interest rates and the economy kept them on edge.
"There's still probably a lot of room for earnings to decline," said Joshua Chastant, senior investment analyst at GuideStone Funds.
"We think that maybe the market is not quite ready for that or it's not priced in. Multiples are still at 18 times earnings. There is lots of excess in equity markets that needs to be unwound." U.S. stock indexes have been rangebound this week with investors seeking clues on how far the Fed could hike interest rates, while earnings have signaled resilience in big banks though most regional lendersA slate of Fed speakers this week voiced support for another 25-basis-point rate hike by the U.S. central bank at its May 2-3 meeting. Traders have priced in an 82% chance of such a move, with many expecting the Fed to hold rates before cutting them by the end of 2023.
Fed Board Governor Lisa Cook is set to take the stage on Friday before the central bank's policymakers enter a blackout period until the next policy meeting.
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