By Dhirendra Tripathi
Investing.com --Stocks rebounded as investors swooped in for bargains following Monday’s tech rout.
Growth stocks were bouncing back on Tuesday, supported by gains in Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT) and Netflix Inc (NASDAQ:NFLX). Even Facebook Inc (NASDAQ:FB) was trading higher despite any fallout from its world-wide outage on Monday and harsh Congressional testimony about its business by a former employee.
Crude prices continued to surge, as well. The price of Crude Oil WTI Futures, the U.S. benchmark, reached above $79 a barrel.
The international oil cartel decided on Monday they wouldn’t add extra production despite the rising prices. Instead, they are holding to their agreement to add 400,000 barrels a day each month until the pandemic-induced production cuts are restored.
In Washington, lawmakers were still haggling over the details of a massive social spending and climate change package, including its ultimate size, while Democrat leaders are pressing for an increase to the debt limit.
But the big event this week continues to be the release of the jobs report for September this Friday. Many believe the outcome will help pave the way for the Federal Reserve to begin easing off its monthly bond purchases. A preview comes early with the release of ADP’s private payroll report.
Here are three things that could affect markets tomorrow:
1. Private payrolls
ADP, the payroll processing company, will release data at 8:15 AM ET (1215 GMT) for the month-on-month change in nonfarm employment. According to estimates tracked by Investing.com, private companies in the U.S. are expected to add 428,000 jobs in September, more than August’s 374,000. The August number had come well below estimates.
2. Have a shot
Drinks giant Constellation Brands Inc Class A (NYSE:STZ) is seen reporting a profit per share of $2.78 on revenue of $2.3 billion for the second quarter. The company makes beer, wine, and spirits such as tequila but analysts will be listening for updates on sales of spiked seltzers.
3. Apparel earnings
Jeans and casual wear giant Levi Strauss & Co Class A (NYSE:LEVI) is expected to report a second-quarter profit per share of 37 cents and revenue of 1.48 billion.