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Investing.com — Stocks fell on Thursday as investors awaited a speech Friday by Federal Reserve Chair Jerome Powell on the future of the central bank’s bond buying efforts.
Two deadly blasts outside Kabul’s airport early Thursday left at least 12 U.S. troops and scores of Afghans dead and injured, adding a jolt of volatility to global markets. The attack comes as the U.S. tries to wrap up its military withdrawal from Afghanistan.
All evidence points to the Fed’s meeting in Jackson Hole, Wyo., as the reason for the subdued market action on Thursday. Laying the groundwork for Powell’s speech, St. Louis Federal Reserve President James Bullard told CNBC that the Fed is “coalescing” around a plan to begin cutting its $120 billion in monthly bond purchases.
On the employment front the data was mostly positive, with new jobless claims inching higher for the week ending Aug. 21, but still near pandemic lows.
Other than Powell’s speech, which is scheduled for 10:00 AM ET (1400 GMT), Friday should be a quiet day for earnings and data. Here are three things that could affect markets tomorrow:
1. Computer earnings
Two computer rivals report results after tonight’s closing bell, but the stocks could react tomorrow depending on how the reports go.Dell Technologies Inc (NYSE:DELL)is expected to announce second-quarter earnings per share of $2.03 on revenue of $25.54 billion, according to analysts tracked by Investing.com. HP Inc (NYSE:HPQ) is seen posting a revenue of $15.87 billion and earnings per share of 83 cents for the second quarter.
2. Data on income
Personal income in the U.S. is expected to rise for the second consecutive month, by 0.2% in July, after gaining 0.1% in June from the previous month.
3. Data on spending
Personal spending is expected to rise by 0.3% in July, its second straight month of expansion, after a 1% gain in June.
