Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Employment Numbers Roll In
The economic calendar is packed tomorrow, with a healthy dose of numbers on jobs ahead of Friday’s nonfarm payrolls report.
The ADP private sector job creation numbers come out at 8:15 AM ET (12:15 GMT), with economists predicting that nonfarm payrolls fell to 188,000 in August from 219,000 in July.
At 8:30 AM ET (12:30 GMT), the government will report the latest figures on initial jobless claims for last week. Claims are expected to stay about the same as the week before.
Before these numbers, employment services firm Challenger reports its monthly numbers on layoffs at 7:30 AM ET (11:30 GMT).
For Friday’s big number, the consensus forecast is for the creation of 191,000 jobs last month, while the unemployment rate is expected to hold steady at 3.9%.
After the start of trading, the Institute of Supply Management releases its measure of services activity for August at 10:00 AM ET (14:00 GMT).
Economists expect that the ISM non-manufacturing purchasing manager’s index (PMI) rose to 57 last month from 55.7 the month before.
At the same time there will be figures on the July factory orders.
2. U.S.-China Trade Battle Set to Escalate
Trade continues to weigh on Wall Street and lately there are few signs the pressure will lift.
There was no information on restarted talks between the U.S. and Canada for the market to trade on today. And President Donald Trump’s tweets focused mainly on Bob Woodward’s book about the presidency.
Investors will be waiting tomorrow to see if, as expected, Trump slaps tariffs on an additional $200 billion worth of imports from China, which would ratchet up the trade dispute with Beijing.
Data recently showed that business activity in China slowed in August, indicating that the trade dispute with the U.S. is hitting demand.
3. Barnes & Noble Reports; GameStop Issues Results Amid Takeover Talk
There are still some earnings reports for investors to trade on this week.
Ahead of trading, Barnes & Noble (NYSE:BKS) is expected to report another quarterly loss on sales of about $831 million.
After the bell, videogame retailer GameStop (NYSE:GME), which soared about 16% today on reports that the company could be bought out by a private equity firm, issues its latest numbers.
Wall Street is forecasting a drop in profit to 7 cents per share on sales of about $1.6 billion.
Also, optical components company Finisar (NASDAQ:FNSR) will report. Shares sank sharply on Tuesday ahead of earnings and have been yo-yoing along with other telecoms in August.
On average, analysts expect that Finisar earned 12 cents a shares in the latest quarter on revenue of about $316 million.
Marvell Technology (NASDAQ:MRVL) also weighs in after trading.