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By Liz Moyer
Investing.com — Stocks surged on Wednesday as investors put aside fears about the banking system and placed their bets on the Federal Reserve’s next move, which many expect to be a pause from interest rate hikes.
Futures traders are starting to bet more on a pause than on a quarter-point hike when the Fed meets in May, by about 60% for a pause to 40% for a hike, according to the Fed Rate Monitor tool.
The pressure on banks this month is likely to translate into a pullback in lending, analysts said, which will help slow the economy.
The Fed has forecast that the benchmark rate will reach 5.1% this year, which implies another rate hike at some point, though the recent bank fears may give it reason to pause. Data on jobs and inflation are due out this week, and the Fed will have more data on the labor market by the time it meets in May.
Here are three things that could affect markets tomorrow:
1. GDP print
The final reading for the fourth quarter growth in gross domestic product is expected out at 8:30 ET (12:30 GMT). Analysts expect it to be 2.7% from the prior quarter, which is the same as the prior reading.
2. Jobless claims
The labor market has proven to be resilient even in the face of tens of thousands of layoffs announced in the tech sector over the last few months. Initial jobless claims for last week are expected to be 196,000, which would be up from 191,000 the prior week but still a sign of tight conditions. The data are due out at 8:30 ET.
3. EVgo earnings
EVgo Inc (NASDAQ:EVGO), the operator of the biggest fast-charging network for electric vehicles, is expected to report a loss per share of 18 cents on earnings of $19.8 million.
Source: Investing.com
