By Sam Boughedda
Investing.com – Stocks reversed losses in the early afternoon, lifted by the tech stocks as they prepared to roll out earnings this week.
Twitter Inc (NYSE:TWTR) was a major focus, and it finally confirmed it had accepted Elon Musk’s $44 billion take-private offer. What remains to be seen, of course, is what Musk plans to do with the social media company, which has been a forum for public discourse as well as trolling.
Tuesday launches a slew of reports from big tech companies, including Microsoft, and later this week come Alphabet (NASDAQ:GOOGL), Meta Platforms Inc (NASDAQ:FB) and, yes, Twitter.
Also this week, expect housing and jobs data along with the most recent reading on oil inventory levels.
Congress returned to Washington this week to take up President Joe Biden’s remaining agenda items left unfinished after his Build Back Better proposal for social and energy spending stalled in the Senate.
Some Senators continue to push for more money for Covid-19 treatments, clean energy projects, and social programs such as child care and early education. Democratic lawmakers are expected to try and push through some remaining items before the fall’s midterm elections.
The Senate also still faces a confirmation vote on Biden’s Federal Reserve nominees, who have already had their hearings but have been waiting for a final vote. That group includes Chairman Jerome Powell, returning for a second term, and set to lead the policy meeting next month when rates are expected to increase.
Here are three things that could affect markets tomorrow.
1. Alphabet earnings
There are some significant earnings releases this week, with both Alphabet and Microsoft reporting after the close Tuesday.
Analysts polled by Investing.com expect Alphabet Inc Class C (NASDAQ:GOOG) to report earnings per share of $25.89 on revenue of $68.08 billion.
2. Microsoft earnings
Meanwhile, they forecast Microsoft Corporation (NASDAQ:MSFT) to report earnings per share of $2.19 on revenue of $49.01 billion.
3. Consumer confidence
April's CB Consumer Confidence, which measures the level of consumer confidence in economic activity, will also be posted tomorrow at 10 am ET. Analysts expect a number of 108.0, above the previous reading of 107.2.