By Liz Moyer
Already, Johnson & Johnson (NYSE:JNJ), 3M Company (NYSE:MMM) and Verizon Communications Inc (NYSE:VZ) reported better than expected quarterly results. Johnson & Johnson added a dose of optimism, saying it expected its Covid-19 vaccine trial data to be released “soon.”
Up Wednesday are reports from two of the FANGs, Apple Inc (NASDAQ:AAPL) and Facebook Inc (NASDAQ:FB).
Tuesday was the beginning of the Fed’s periodic two-day rate meeting, which culminates in a decision announcement and press briefing on Wednesday afternoon.
There wasn’t much movement on a stimulus deal in Washington, as the Senate held procedural votes ahead of its second impeachment trial of now-former President Donald Trump.
Here are three things that could affect markets tomorrow:
1. Apple reports earnings
Apple’s stock has more than doubled since touching a low at the beginning of last year. Demand for Apple products and services has risen with more people studying and working from home during the pandemic.
Analysts expect Apple to report earnings per share of $1.41 on revenue of $102.5 billion.
2. And so does Facebook
The social network faces big criticism this year over what critics say is its failure to stop hate speech and misinformation on its platform. In addition, the Federal Trade Commission and 46 states sued it over antitrust concerns, which could force it to divest of WhatsApp and Instagram.
Analysts expect Facebook to report EPS of $3.16 on revenue of $26.3 billion.
3. Fed rate decision
The Fed is not expected to alter its stance on rates, keeping the benchmark at 0% to 0.25% as it works to steer the economy out of the pandemic morass. The Federal Open Market Committee announces its rate decision at 2:00 PM ET (1800 GMT).
Fed Chairman Jay Powell is expected to offer more insights on the progress of the recovery and the Fed’s view on growth for this year when he addresses reporters Wednesday afternoon.