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Job reports, Broadcom earnings, Dollar General: 3 things to watch
Job reports, Broadcom earnings, Dollar General: 3 things to watch By Investing.com
Breaking News
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Liz Moyer/Investing.com Stock Markets
Published May 31, 2023 04:22PM ET
(C) Reuters
Investing.com — Stocks sank on Wednesday as investors awaited the outcome of the vote on the debt ceiling deal, over objections from GOP members who wanted more spending cuts.
The voting has begun in the House as of Wednesday afternoon, though an outcome isn’t expected until later. Speaker Kevin McCarthy has expressed confidence the bill will pass, and be sent on to the Senate. But lawmakers are still scrambling to get the deal to President Joe Biden’s desk before a June 5 deadline, when the U.S. risks defaulting on its obligations.
The bill calls for caps on spending this year and into the 2025 fiscal year and reclaims some funds that were allocated already for COVID-19 relief and building the enforcement capabilities of the Internal Revenue Service.
In addition, investors are looking to a slew of retail earnings on their way and a jobs report for May, which is expected out on Friday.
Comments from Federal Reserve officials on Wednesday suggested the central bank could delay another interest rate increase when it meets in June, helping send the probability of a pause higher. Futures traders have been shifting their outlooks on the matter, earlier today seeing a greater probability of a quarter of a percentage point rate increase next month.
The jobs report could help the Fed make up its mind.
Here are three things that could affect markets tomorrow:
1. Job reports
The ADP private payrolls report, due out at 8:15 ET is expected to show an addition of 170,000 nonfarm jobs last month. Before that report, the Challenger job cuts number comes out at 7:30 ET. The number is expected to be up 227% from the same time last year amid a slew of job cuts in the tech sector.
2. Broadcom earnings
The chip maker Broadcom Inc (NASDAQ:AVGO) is expected to report earnings of $10.12 a share on revenue of $8.7 billion.
3. Dollar General
The discount retailer Dollar General Corporation (NYSE:DG) is expected to report earnings per share of $2.39 on revenue of $9.4B.
Job reports, Broadcom earnings, Dollar General: 3 things to watch
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