Wednesday, February 1, 2023
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3 Things to Watch By Investing.com

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By Liz Moyer

Investing.com — Stocks turned red on Thursday after the Federal Reserve raised interest rates again and made it clear there was more work to be done to tame inflation.

Investors had been hoping for a sign the Fed was nearing an end to its aggressive rate hikes, but the central bank only suggested that future increases could get smaller than the four consecutive increases it just did, not that it would pause entirely. 

While parts of the economy have cooled — notably the housing market — there are persistent areas that haven’t. Food prices remain elevated from last year, and consumers are heading into the holiday shopping season facing uncertainty that could change their shopping patterns. The labor market continues to be tight, with fewer than expected new last week coming just ahead of the October jobs report on Friday.

With the bulk of tech earnings now behind it, the market will get its next batch of earnings from major retailers, who are expected to put more clarity on their outlooks for retail sales this season.

Here are three things that could affect markets tomorrow.

1. Duke Energy earnings

Electric utility giant Duke Energy Corporation (NYSE:) is expected to report profit of $1.88 a share on revenue of $7.36 billion. 

2. Hershey earnings

Candy maker Hershey Co (NYSE:) is seen reporting earnings of $2.10 a share on revenue of $2.6 billion.

3. Nonfarm payrolls

The much anticipated jobs report for October is due out at 8:30 ET (12:30 GMT). Analysts are expecting that the economy added 200,000 last month, which would be down from 263,000 the prior month.

Story Credit: investing.com

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