Investing.com -- Stocks turned lower on Monday as investors focus on the Federal Reserve's next steps.
The S&P 500 and Nasdaq were higher for most of the day but turned red heading into the closing bell. Investors have been shifting their bets on whether the Fed will raise interest rates next week at its periodic policy meeting. Some see the Fed pausing after 10 consecutive rate hikes since last year to cool inflation. Others see it raising rates next week by another quarter of a percentage point.
This month's rate decision will be accompanied by a new set of "dot-plot" forecasts by the Fed policy makers on the direction of rates, as well as gross domestic product and unemployment in the coming months.
Though the Fed may pause next week, traders see it returning to rate hikes in July amid mixed reports on the economy that show a continued tight labor market but cooling prices.
Here are three things that could affect markets tomorrow.
1. JM Smucker earnings
The maker of jellies and spreads JM Smucker Company (NYSE:SJM) is expected to report earnings per share of $2.41 on revenue of $2.17 billion.
2. Thor Industries
Thor Industries Inc (NYSE:THO), a maker of recreational vehicles, is expected to report earnings per share of $1.09 on revenue of $2.8B.
3. Stitch Fix
Stitch Fix (NASDAQ:SFIX), the online personal styling firm, is expected to report a loss per share of 30 cents on revenue of $388.7 million.