By Liz Moyer
Investing.com -- Stocks zigzagged on Wednesday as investors looked ahead to Friday’s report on jobs in September.
Last month was a brutal one for stocks, and October started out on an unexpected positive footing, but the streak broke after two days. The hope was that the Federal Reserve could ease back on its interest rate increases amid signs that the economy was cooling off. But a robust labor market is making that unlikely.
ADP’s private payroll report was slightly stronger than expected. Initial jobless claims for last week are expected out early Thursday and could confirm this trend. But all eyes are on the government’s more comprehensive report, which will also include the unemployment rate.
The Fed has been trying to cool inflation without sparking a recession that would lead to widespread job cuts. Its next meeting is in November, after big companies are largely done reporting their September quarter numbers and providing their outlooks.
Here are three things that could affect markets tomorrow:
1. Jobless claims
Initial claims are expected to be 203,000, which would be up from 193,000 the prior week. The data are due out at 8:30 ET (12:30 GMT).
2. Constellation Brands
Constellation Brands Inc (NYSE:STZ), the liquor company, is expected to report $2.78 in profit per share on revenue of $2.5 billion.
3. ConAgra earnings
Food company ConAgra Foods Inc (NYSE:CAG) is expected to report EPS of 52 cents on revenue of $2.8 billion.