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Investing.com — Markets seesawed on Thursday, with stimulus alternately on and off the table and the virus looming large across the Atlantic.
U.S. lawmakers — seemingly heeding repeated pleas from a bevy of Fed speakers all week — are trying to resume talks on stimulus, and Treasury Secretary Steven Mnuchin reportedly plans to do just that with House Speaker Nancy Pelosi to iron out differences on a fresh round of stimulus to boost the economy. The Democrats are reportedly set to announce a $2.4 trillion bill, which does not have Republican support, Politico said.
On Wall Street, Apple (NASDAQ:AAPL) helped lead a rebound in tech, while electric vehicle maker Nikola Corp (NASDAQ:NKLA) got its first sell rating. Financials recuperated some. Markets gave back healthy gains late in the day after the U.K. and France both reported record numbers of new coronavirus cases.
Here are three things that may move markets tomorrow:
1. Markets face another down week
Stocks are poised to end yet another week in the red, depending on how things go Friday. September has seen the S&P 500 post back-to-back-to-back down weeks, during which time it’s dropped nearly 7%.
The tech-heavy NASDAQ Composite has fared even worse, giving back more than 10%, while the Dow Jones Industrial Average is off more than 5%.
2. Fed speech frenzy comes to an end
If you haven’t yet had your fill of Fed speakers this week (hard to believe that’s possible considering, by our count, there have been 22 separate occasions), New York Fed President John Williams (NYSE:WMB) is up yet again. He’s already spoken twice this week. This time he’s holding a conference call with community development and nonprofit leaders from the Rochester, N.Y., area and talking to young adults about the job market in the age of Covid.
3. Durable goods orders
We’ll get a look at how U.S. factories are contributing to any economic rebound with the preliminary number for durable goods for August at 8:30 AM ET (1230 GMT). Consensus calls for a mild 1.4% gain, a big comedown from the massive 11.4% jump the previous month.
