U.S. consumer confidence ebbed slightly in January, with more consumers planning to purchase homes, automobiles and other big- ticket items even as they grew less optimistic about business and labor market conditions in the short term.  The survey from the Conference Board on Tuesday also showed consumers' inflation expectations moderating for a second straight month, though still high. Labor market views softened a bit, likely reflecting the disruptions on businesses caused by the winter wave of COVID.

The International Monetary Fund has downgraded their global growth forecast for this year as rising Covid cases, supply chain disruptions and higher inflation hamper the economic recovery.  In their World Economic Outlook report, published yesterday, the IMF said they expect global gross domestic product to weaken from 5.9% in 2021 to 4.4% in 2022 — with this year’s figure being half a percentage point lower than previously expected.

Shares of General Electric fell more than 6% after the company missed revenue estimates for their fiscal fourth quarter. The conglomerate reported 92 cents in adjusted earnings per share on $20.3 billion in revenue. Analysts were looking for 85 cents on $21.53 billion of revenue. The company said supply chain issues weighed on their sales.