U.S. stocks wrapped up their worst week since September
Stocks pared much of the previous two weeks’ gains, as some surprisingly strong economic data last week dampened hopes of Fed’s early pivot from its aggressive monetary policy. However, defensive sectors like health care, consumer staples and utilities fared best among the S&P 500.
Top stories from last week
- TSMC (TSM) said it would increase investment in its second chip plant in Arizona, United States, to $40 billion.
- Broadcom (AVGO) gave an upbeat revenue forecast and reported better-than-expected quarterly results.
- Lululemon (LULU) beat Wall Street’s expectations on the top and bottom lines but gave a weaker-than-expected fourth-quarter outlook.
- Earnings this week: Oracle (ORCL), Adobe (ADBE), Accenture (ACN)
- Economic data this week: November Consumer Price Index, Fed’s interest rate announcement
- The Federal Reserve will hold a two-day meeting of its policy-making committee on Dec 13-14 with expectations high that the central bank will announce an interest rate hike of 50 points.
Stock watchlist for this week
*Consensus rating and average price target as per Tipranks data.