By Liz Moyer
Investing.com -- Stocks struggled to find a solid direction on Tuesday as investors awaited tomorrow’s release of the Federal Reserve’s last meeting minutes and more inflation data.
The expectation is that the Fed will go ahead with another 0.75 percentage point increase to its benchmark rate when it next meets in November. That is worrying some investors that the central bank’s aggressive moves will wind up tilting the economy into a recession.
It’s also time for companies to report their earnings, kicking off with beverage and snack maker PepsiCo on Wednesday and big banks including JPMorgan Chase (NYSE:JPM) on Friday.
Investors will be listening closely to what executives have to say about rising costs and supply chains and what their outlooks are for the rest of the year.
Here are three things that could affect markets tomorrow:
1. Producer prices
The producer price index comes out at 8:30 ET (12:30 GMT). Analysts expect the monthly number to jump 0.2% in September from August and the year over year number to rise 8.4%. Core PPI is seen coming in at 0.3% for the month and 7.3% for the year.
2. Meeting minutes
The Federal Open Market Committee releases the minutes of its last meeting at 14:00. Investors typically pore over what the policymakers discussed for any hint about what they might do at their next meeting, which will come in early November.
3. PepsiCo earnings
Analysts expect PepsiCo Inc (NASDAQ:PEP) to report earnings of $1.84 a share on revenue of $20.8 billion.