By Christiana Sciaudone
Investing.com -- Markets closed slightly higher on Tuesday with tech leading gains, as usual.
Apple (NASDAQ:AAPL) rose after its big event where it added a fitness subscription service, as well as a bundling subscription service for users to have access to the various products the company offers. Shares closed little changed. Other big tech stocks stayed strong, while financials and energy lagged.
Investors digested positive regional market data as a sign that the economic recovery remains intact. The Empire State Manufacturing index rose to a reading of 17 in September, from 3.7 last month, topping economists’ estimates of 7.
Markets remained optimistic even as House Speaker Nancy Pelosi told CNBC that she would not back the Republican’s “skinny” version of her party’s coronavirus stimulus plan.
Here are three things that may move markets tomorrow:
1. The Fed
The U.S. Federal Reserve's Federal Open Market Committee (FOMC) statement is due out at 2:00 PM ET (1800 GMT) after the two-day meeting wraps up. It is the primary tool the panel uses to communicate with investors about monetary policy, and it's the last such meeting before the presidential vote in November. Investors will be looking for details on the bank's new inflation framework, after its traditional 2% approach.
2. Oil inventory
The Energy Information Administration's (EIA) Crude Oil Inventories will be reported at 10:30 AM ET (1430 GMT). Inventories are expected to show a build of more than 2 million barrels last week, the same as the previous week's results. The data measures the weekly change in the number of barrels of commercial crude oil held by U.S. firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.
3. Retail sales
U.S. retail sales are likely to have increased in August, though not as much as over the past three months. The forecast for the month is that sales rose 1% to May's 18.2%, June's 7.5%, and July's 1.2% The report is expected at 8:30 AM ET (1230 GMT). U.S. core retail sales are expected to be up by 0.9%, compared to the previous month's 1.9%.