Job openings, Nio earnings, Best Buy reports: 3 things to watch
Investing.com — Stocks were rising on Monday after hawkish remarks from Federal Reserve Chair Jerome Powell last week and as investors awaited key economic reports due this week, including the jobs report for August on Friday.
The Fed has said it is watching the data as it makes its next decision on interest rates, though on Friday Powell suggested the central bank could hit pause when it meets next month if the data supported the move.
The Fed wants to get inflation back down to its 2% annual goal, promising not to take its foot off the accelerator until it does. Powell said the Fed is prepared to act again if the situation warrants it. Still, futures markets expect a pause in September while the Fed policy makers assess the progress of their moves so far.
Also this week, there will be reports on job openings and new unemployment claims, another reading of gross domestic product for the second quarter, the latest report on private payroll growth by ADP, and another reading of the Fed's preferred inflation gauge, the personal consumption expenditures index.
Here are three things that could affect markets tomorrow:
1. Job openings
The report on job openings and labor turnover is due out at 10:00 ET (14:00 GMT). Analysts expect the reading for July to show employers had 9.793 million openings, up from 9.582 million the prior month.
2. NIO earnings
Earnings for electric vehicle maker Nio Inc (NYSE:NIO) are expected to show a loss of $2.96 a share on revenue of $9.16 billion.
3. Best Buy reports
The electronics retailer Best Buy Co Inc (NYSE:BBY) is expected to report earnings per share of $1.07 on revenue of $9.52B.
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