MarketBites: CPI Data Looms
Portfolio Manager Commentary:
The markets closed down for the third consecutive day with Nasdaq leading the way at a -1.19% decline. The chipmaker, Micron Technology ($MU), dragged markets down to begin the day after issuing a revenue warning. The news weighed down the rest of the sector while also applying pressure to the broader market.
Still, investors have been fairly quiet ahead of the consumer-price data measuring inflation that comes out today. This may set expectations for how the Fed will approach monetary policy moving forward.
Sweetgreen Inc. ($SG) stock plummeted 23% in after-hours trading due to a lower 2022 earnings forecast. The company announced it will lay off 5% of its workforce and downsize to a smaller office building to reduce expenses.
Chart of the Day:
The world's largest container companies are on course to post profits that will top last year's record by 73%, according to a new forecast.