By Liz Moyer
Investing.com -- Stocks started out the day in the red and stayed there after a sell-off in cryptocurrencies and later word that the Federal Reserve is starting to think about broaching the bond tapering topic.
The Fed’s minutes from its April meeting showed the first signs that some central bank members are ready to start thinking about tapering at upcoming meetings.
Energy was among the day’s biggest losers as the price of Crude Oil WTI Futures, the U.S. benchmark, fell more than 3%. Brent Oil Futurescrude, the international standard, fell nearly 3%. That might turn out to be good news for drivers if gasoline prices also fall going into the Memorial Day weekend, the U.S.’s unofficial start of summer.
Crude oil stockpiles rose by 1.3 million barrels for the week to May 14, a lower build than the 1.6 million barrels economists had forecast.
Here are three things that could affect markets tomorrow:
1. More stocks make their public debuts
Squarespace debuted after setting a reference price of $50 a share Tuesday night. The company makes tools for small businesses to create websites, and its much anticipated direct listing disappointed at the start of trading midday, falling 13% as the broader market fell.
Next up is Oatly, which makes “milk alternatives” like oat milk. Its initial range is targeted to $15 to $17 when it sets its price expected tonight. Trading is expected to begin tomorrow.
2. More retail earnings
Among a slew of retail earnings reports this week, the next batch includes Victoria Secret parent L Brands Inc (NYSE:LB) after tonight’s closing bell and reports from BJs Wholesale Club Holdings Inc (NYSE:BJ), Kohls Corp (NYSE:KSS), and Children’s Place Inc (NASDAQ:PLCE) tomorrow. So far, retailers have been blowing past expectations as shoppers returned to stores and spent their stimulus money.
3. Can bitcoin bounce back?
People will be looking to see if Bitcoin can continue to recover after plunging 30% on Wednesday to levels not seen since January only to bounce partly back. Other cryptos are also under the microscope. Ethereumfell about 20%. Cryptocurrency has been on fire in the last year, prompting companies like Tesla Inc (NASDAQ:TSLA) and Square Inc (NYSE:SQ) to take stakes. Both of those stocks also fell on Wednesday, along with a number of others associated with crypto.