Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
BoE rate decision
GBP/USD could be the ‘one to watch’, as the Bank of England reveals its decision on interest rates, widely expected to remained unchanged at 0.25%.
The rate decision comes amid growing expectations the Bank of England will announce its attention to begin tapering its ultra-accommodative monetary policy sometime later this year, following hawkish remarks in early July from BoE Governor Mark Carney.
Carney raised the prospect of the removal of some UK monetary stimulus, saying “some removal of monetary stimulus is likely to become necessary if the trade-off facing the [Monetary Policy Committee] continues to lessen and the policy decision accordingly becomes more conventional”.
Tesla to power the Dow to another record high?
Shares of Tesla Inc (NASDAQ:TSLA) were rallying in the after hours session after the company released its second quarter results, which came in better than analysts were expecting.
A solid quarter of deliveries of its high-end Model S sedans and sports utility vehicle Model X, spurred better-than-expected performance on both the top and bottom line.
Tesla lost $1.33 per share in the quarter, better than the $1.80 analyst forecast compiled by Yahoo Finance. Revenue was $2.8 billion, up 120.5% year-over-year, and above the $2.55 billion analysts were expecting.
The rally in the Dow could be extended on Thursday, should shares of Tesla continue to add to gains from after hours trading.
Tesla shares rose more than 5% in the after hours to $344.59
US macro data on tap
Market participants look ahead to the release of a duo of economic reports on Thursday, which may offer further guidance on the strength of U.S. economy.
Non-manufacturing economic data for July is expected show steady growth in the services sector.
Economists expect a reading of 57 for the month, down a slightly from 57.4 in the previous month.
On the jobs data front, economists forecast a 2,000 decline to 242,000 in the number of individuals who filed for unemployment insurance for the week ended July 30.
Ahead of nonfarm payrolls due Friday, the dollar has slumped to new lows for the year against its rivals amid a drop in investor expectations the Federal Reserve will keep to its plan to raise rates at least once more this year.