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Day Ahead: Top 3 Things to Watch for Feb. 11

Stock MarketsFeb 10, 2020 06:06PM ET
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By Kim Khan

Investing.com - Here are three things that could rock markets tomorrow.

1. Powell Heads to the Hill

Federal Reserve Chairman Jerome Powell heads to Capitol Hill tomorrow to kick off his two-day semiannual testimony before Congress.

Powell will appear before the House Financial Services Committee and start delivering his prepared remarks at 10:00 AM ET (15:00 GMT). His remarks will be released in full at the start.

The Fed has telegraphed its intentions to keep its powder dry on interest rates already, so investors will be more interested in how the central bank is planning on dealing with the latest threat to global growth.

Expects comments from Powell and follow-up questions from committee members on how the Fed views the Wuhan coronavirus, its effects on Chinese GDP and ripple effects on the global economy.

Today, Philadelphia Federal Reserve President Patrick Harker reiterated that the Fed can stay steady on rates.

"My own view right now is that we should hold steady for a while and watch how developments and the data unfold before taking any more action," Harker said.

2. Under Armour , Lyft to Report

Earnings season is easing up, but there are still some well-known names reporting.

Before the bell tomorrow athletic apparel maker Under Armour will report.

On average, analysts are predicting that Under Armour (NYSE:UAA) will reports a profit of 10 cents per share on sales of about $1.5 billion, according to forecasts compiled by Investing.com.

Shares are up more than 13% in the last three months.

After the close of trading, ride-hailing company Lyft (NASDAQ:LYFT) issues its numbers.

Lyft is expected to report a loss of 53 cents per share, with revenue coming in at about $984 million.

Shares rose more than 6% today after an upgrade by Northcoast Research to buy from neutral, which said the economics of ride-sharing look sound and also posited that Lyft could be a takeover candidate.

3. JOLTS, API Inventories on Tap

On the economic calendar the latest job openings numbers arrive tomorrow, although market reaction will be limited as Friday’s payrolls underscored a solid labor market.

The Job Openings and Labor Turnover Survey (JOLTS) for December will be released at 10:00 AM ET (15:00 GMT).

Job openings are expected to have risen to 7 million for the month from 6.8 million in November, according to economists’ forecasts compiled by Investing.com.

After the bell energy traders and investors will get the American Petroleum Institute’s snapshot of weekly oil inventories.

Those numbers arrive around 4:30 PM ET.

Day Ahead: Top 3 Things to Watch for Feb. 11
 

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