© Reuters
Investing.com — Stocks were weaker on Tuesday, kicking off a holiday-shortened trading week as oil prices surged.
With earnings mostly winding down, investors are looking to this month’s Federal Reserve meeting for more clues about the direction of the economy. Futures traders see the Fed holding off on another interest rate increase in September while it takes its time to analyze the data and assess how much progress it has already made to tame inflation.
Stocks were subdued by a spike in oil prices after Saudi Arabia said it would extend its daily 1 million barrel production cuts through the end of the year, though the move did lift energy stocks.
The Fed wants to see inflation back to its 2% target and has said that while it may take a break on rate increases it stands prepared to act if the data supports such a move. Comments by several Fed officials in the next few days could add some clarity to the Fed’s thinking as it heads into its policy meeting.
Here are three things that could affect markets tomorrow:
1. Beige book
The Fed’s survey of its 12 district banks is expected out at 14:00 ET (18:00 GMT). The periodic survey provides investors will an on-the-ground glimpse at economic conditions around the country.
2. Dave & Busters
The restaurant and arcade chain Dave & Buster’s Entertainment (NASDAQ:) is expected to report earnings per share of 94 cents on revenue of $559 million.
3. GameStop
The videogame retailer GameStop Corp (NYSE:) is expected to report a loss per share of 14 cents on revenue of $1.14 billion.
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