Wall Street ended lower on Monday, with shares of Carnival Corp and several airlines tumbling as investors worried about the Omicron coronavirus variant ahead of a Federal Reserve meeting later this week.
Traders work on the floor of the New York Stock Exchange in New York City, U.S., December 3, 2021. REUTERS/Brendan McDermiddipped, even after J.P. Morgan raised its price target on the iPhone maker to the highest on Wall Street. The company is close to becoming the first in the world to hit $3 trillion in market value.
Investors expect an increasingly hawkish tone out of the Federal Reserve's two-day meeting that wraps up on Wednesday. The U.S. central bank is expected to signal a faster wind-down of asset purchases, which could also usher closer a start to interest rate hikes. "Everyone is focused on the Fed this week and what guidance we get in terms of bond purchases and interest rates. There's an expectation that there will be an acceleration of tapering, and there's a little anxiety leading up to that," said Ryan Jacob, chief portfolio manager at Jacob Internet Fund.
A Reuters poll of economists sees the central bank hiking interest rates from near zero to 0.25%-0.50% in the third quarter of next year, followed by another in the fourth quarter.
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