3 things to watch out for by Investing.com
By Dhirendra Tripathi
Investing.com – Les and were on track to reach record closing highs Tuesday in the final hour of trading, buoyed by oil and travel stocks as full regulatory approval for Pfizer’s Covid-19 vaccine fueled hopes for a recovery sooner rather than later.
Cruise operators including Carnival (NYSE 🙂 Corporation (NYSE 🙂 rose, as did shares of casino companies MGM Resorts International (NYSE 🙂 and Wynn Resorts Limited (NASDAQ :). Airlines have also increased.
The surge in Covid-19 infections linked to the highly contagious Delta variant rocked Wall Street this month amid concerns about the slowing economic recovery.
On Monday, the Food and Drug Administration granted full approval for the vaccine, which Pfizer Inc (NYSE 🙂 is distributing with BioNTech SE (NASDAQ :), offering hope that more people get vaccinated and stop the spread of the virus.
Later this week, Federal Reserve officials will launch their annual symposium in Jackson Hole, Wyo., Where President Jerome Powell could offer some advice on the central bank’s next policy steps. Many predict that the Fed will start cutting its monthly bond purchases, but when and how much is still a matter of debate.
Analysts were also watching the release of last week’s oil inventory data, first Tuesday by the industry and second Wednesday by the government. This could set the tone for oil trading and oil stocks ahead of Labor Day weekend.
Here are three things that could affect the markets tomorrow:
1. Salesforce earnings
Salesforce.com Inc (NYSE 🙂 is expected to report second-quarter earnings per share of 92 cents on $ 6.24 billion in revenue on Wednesday, analysts tracked by Investing.com said. The cloud-based customer relationship management software maker is one of the latest big tech companies to report.
2. Snowflake gains
Snowflake Inc (NYSE 🙂 posted revenue of $ 256.13 million and a loss per share of 14 cents for the second quarter. The company provides cloud-based data storage services, which has exploded despite the pandemic.
3. Ultimate gains
Ulta Beauty Inc (NASDAQ 🙂 reports EPS of $ 2.50 on second quarter revenue of $ 1.74 billion. The cosmetics and beauty retailer is capitalizing on the back-to-school and back-to-work trend.
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