Yahoo Finance Day Ahead: Top 3 Things to Watch
Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Fed Day Arrives
The Federal Open Market Committee will be taking the market spotlight tomorrow, even though the interest rate decision is pretty much a foregone conclusion.
With traders pricing in a 100% chance of a quarter-point hike, anything else would be a major jolt to the market.
Barring that type of outlier, the Fed’s statement, which will be released along with the rate decision at 2:00 PM ET (18:00 GMT), will be the what likely moves stocks.
Investors will be looking at the dot-plot graph to see the expectations for future rate hikes in December and next year. And if the work “accommodative” is removed from the statement it will free the Fed up to continue raising rates to the elusive “neutral rate.”
Fed Chairman Jerome Powell will give his press conference at 2:30 PM ET.
2. Social Media and Tech Execs Appear at Senate Hearing
Executives from tech and social media will be on Capitol Hill again tomorrow,
The Senate Commerce Committee is holding a hearing entitled Examining Safeguards for Consumer Data Privacy at 10:00 AM ET (14:00 GMT).
“This hearing will provide leading technology companies and internet service providers an opportunity to explain their approaches to privacy, how they plan to address new requirements from the European Union and California, and what Congress can do to promote clear privacy expectations without hurting innovation,” said Sen. John Thune, (R-S.D.), chairman of the committee.
Attending the hearing will be executives form AT&T (NYSE:T), Amazon.com (NASDAQ:AMZN), Google (NASDAQ:GOOGL), Twitter, Apple (NASDAQ:AAPL) and Charter Communications (NASDAQ:CHTR).
3. Nike Beats on Bottom Line
Shares of Nike (NYSE:NKE) will be active tomorrow. The company reported fiscal first-quarter earnings after the bell today.
Nike posted a profit that beat expectations, with sales in line.
Shares of Nike fell about 2% in after-hours trading, although the stock has been rallying recently.
Notable earnings tomorrow include CarMax (NYSE:KMX) before the bell and Bed Bath & Beyond Inc (NASDAQ:BBBY) after the close of trading.
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