© Reuters.
By Liz Moyer
Investing.com — Stocks headed lower after the Labor Day weekend, as investors awaited more economic data and words from Federal Reserve officials this week.
The market already started September off on a bad note on fears about an aggressive inflation-fighting campaign by the Fed that could tip the economy into a recession. A growing energy crisis in the European Union is adding to the jitters as Russia cut off the continent from a key natural gas pipeline with just weeks before the colder weather will set in.
The Fed next meets later this month, but this week will feature speeches and public remarks from several officials including Jerome Powell himself, who is scheduled to speak Thursday morning. Though he’s unlikely to play the Fed’s hand, onlookers believe the Fed will continue on its path to raise rates another 0.75 percentage points. On Wednesday, the Fed releases the economic summaries from its district banks known as the Beige Book.
Later this month comes inflation data that could factor into the Fed’s decision.
Here are three things that could affect markets tomorrow.
1. Beige Book
This periodic report from the 12 Fed district banks paints a picture of what is happening in manufacturing, services and other business sectors and in consumer behavior. It’s due out at 14:00 ET (18:00 GMT).
2. GameStop earnings
Analysts expect meme stock and game retailer GameStop Corp (NYSE:GME) to report a loss per share of 42 cents on revenue of $1.27 billion.
3. Nio earnings
Analysts expect Nio Inc (NYSE:NIO), the electric vehicle maker, to report a loss per share of $1.16 on revenue of $9.7 billion.
Source: Investing.com
