By Christiana Sciaudone
Investing.com -- Markets slid Tuesday as European lockdowns scared investors and sent oil lower.
Fears over a continued dearth in demand kept airlines, cruise lines and other reopening stocks trading lower despite Federal Reserve Chair Jerome Powell promising to keep monetary policy loose.
The head of the central bank also continues ot be unfazed about the possibility of out-of-control inflation, telling the House Financial Services Committee that he expects a bump, but only temporarily. He'll be back to testify some more tomorrow, alongside U.S. Treasury Secretary Janet Yellen.
Oil fell 6%, after a 7% fall last week, a major downturn from the strength seen since October.
We'll get a look at durable goods orders from February and how much we've been breakfasting.
Here are three things that could affect markets tomorrow:
1. Durable goods
Economists expect capital spending for February to have ticked down from the prior month's 3.4% increase, but to stay positive as pandemic-related demand for certain goods stays strong. Consensus calls for a 0.9% increase when durable goods orders come out at 8:30 AM ET (1230 GMT).
2. The Jay & Janet show
It's day two of testimony from Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen. They're still talking to lawmakers about the CARES Act, but this time it's the Senate Banking Committee that will be asking the questions.
3. The most important meal of the day
Not too much excitement on the earnings front, unless you're into breakfast and baked goods. General Mills (NYSE:GIS) is due to report, and analysts are calling for adjusted profit of 84 cents a share on sales of $4.46 billion. Chinese heavyweight Tencent Holdings Ltd ADR (OTC:TCEHY)is also set to release results, so watch those ADRs.