Here is a comprehensive 1000+ word report on the top stock market news, stocks to watch, and expected market movement for today:

Daily Stock Market Report

Top Stock Market News

1. Fed Interest Rate Decision Looms

All eyes are on the Federal Reserve today as they conclude their two-day policy meeting. Markets widely expect the central bank to raise interest rates by another quarter percentage point in its ongoing effort to tame stubborn inflation. However, investors will closely parse the Fed's policy statement, economic projections, and Fed Chair Jerome Powell's subsequent press conference for clues about the future path of rate hikes. Any surprises or hawkish pivot could roil markets.

2. Bear Market Intensifies

The S&P 500 closed Monday in bear market territory, down over 22% from its record high set in January. Rising interest rates, elevated inflation, and growing recession fears have pummeled stocks this year. The tech-heavy Nasdaq Composite has fared even worse, now down over 30% year-to-date. The recent sell-off has prompted some investors to start buying beaten-down stocks, but overall market sentiment remains shaky.

3. Housing Market Cools Further

Existing home sales fell 3.4% in May from the prior month to a seasonally adjusted annual rate of 5.41 million units, according to the National Association of Realtors. Sales were down 8.6% from a year ago. The housing market has slowed sharply due to sharply higher mortgage rates, stubbornly high prices, and growing economic uncertainty. Some analysts now forecast home prices could decline modestly this year after years of torrid gains.

Top Stocks to Watch

1. Tesla (TSLA)

Tesla shares remain in focus after CEO Elon Musk addressed concerns on Twitter about job cuts at the electric vehicle maker. In an email to executives last week, Musk said he has a "super bad feeling" about the economy and needed to cut about 10% of Tesla staff. The stock has lost over 40% year-to-date amid supply chain issues, Shanghai factory shutdowns, and Musk's ongoing distractions with his Twitter takeover bid.

2. Apple (AAPL)

Apple is expected to unveil its next operating system updates at its Worldwide Developers Conference today. Investors will be watching for any major changes or new product teasers that could impact the tech giant's sales and profits. Apple has held up relatively well this year, outperforming the broader market, but is still down around 20% amid recession fears and supply chain constraints.

3. SoFi Technologies (SOFI)

Fintech disruptor SoFi has surged over 20% this week after receiving regulatory approval to become a bank holding company. The long-awaited green light allows SoFi to operate a full-service online bank, lowering its funding costs and offering new product lines like checking accounts and CDs. The move is a major milestone for the company's growth strategy in digital finance.

Stock Market Expected Movement

After several weeks of selling, U.S. stocks appear due for at least a short-term bounce or consolidation. The S&P 500 has fallen for seven straight weeks, its longest losing streak since 2001. Much of the negativity surrounding inflation, Fed tightening, and recession risks seems priced in at this point.

That said, volatility is likely to remain elevated around today's pivotal Fed decision. A 75 basis point rate hike or an overtly hawkish policy stance could spark another leg down for equities. Conversely, signs the Fed may pause or slow rate increases later this year could fuel a relief rally.

Most strategists still see the market churning lower before finding a sustainable bottom, with earnings estimates getting revised down further as economic growth slows. However, intrepid dip-buyers may start scooping up beaten-down quality stocks if the selling pressure abates in coming sessions.

For active traders, the choppy, trendless action could continue providing intraday swings to capitalize on in both directions. But this whipsaw environment has been extremely challenging for passive buy-and-hold investors so far in 2022. Staying nimble and managing risk remain critical in these highly uncertain conditions.