Which factor is least likely to affect stock prices in the short term?

The factor least likely to affect stock prices in the short term is seasonal changes. Seasonal changes typically refer to predictable patterns that occur throughout the year due to various factors like weather or holiday shopping. While they can have some impact on industries such as retail or agriculture, their influence on the overall stock market or individual stock prices is generally more muted compared to other factors.

In contrast, company earnings reports provide specific insights into a company's performance and are released quarterly, often leading to immediate reactions in stock prices. Interest rates also have a significant short-term impact; changes can influence borrowing costs and consumer spending, directly affecting stock valuations. Economic indicators, such as employment rates or GDP growth, can provide insights into overall economic health, which can sway investor sentiment and result in quick price adjustments. These factors tend to have more direct and impactful consequences on stock prices in the shorter term than seasonal fluctuations.