By Christiana Sciaudone
Investing.com -- Markets jumped on Tuesday thanks to a surge by Apple Inc (NASDAQ:AAPL) and signs that a stimulus deal may finally be arriving on Capitol Hill.
Apple is said to be ramping up production on its iPhones next year thanks to strong demand. But it was the long-awaited clarity on stimulus that sent the Dow Jones Industrial Average up more than 300 points, and the S&P 500 and NASDAQ Composite also rose.
House Speaker Nancy Pelosi met with top lawmakers Tuesday afternoon in a bid to reach an agreement on a stimulus and spending plan, Politico reported. Now the plan is to split the $908 billion bill into two parts: a $748 billion proposal that has bipartisan support including aid for vaccine distribution and unemployed benefits, and the other, a $160 billion bill for state and local support and temporary Covid-19 liability protection.
The Federal Reserve concludes its periodic meeting Wednesday, with the market waiting to hear what it has to say about economic recovery.
Here are three things that may move markets tomorrow:
1. Fed decision
December’s may be dull, but Fed decision days rarely are. Markets expect the central bank to lay out plans for additional asset purchases in order to provide additional support for the pandemic-stricken economy. Look for details on any changes to the pace or make-up of the purchases. The Federal Open Market Committee decision comes at 2:00 PM ET (1800 GMT.
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2. Retail sales
Economists are calling for a negative print for November retail sales with a drop of 0.3% from a gain of the same amount the prior month. The rise in virus cases is likely to offset a strong start to the holiday shopping season. Look for that data to hit at 8:30 AM ET (1230 GMT).
3. Homebuilder Lennar reports
The earnings docket has a lone homebuilder worth focusing on. New home demand should support a solid report from Lennar Corporation (NYSE:LEN) which is expected to post an adjusted profit of $2.35 a share on revenue of $6.5 billion.