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Mortgages, GameStop, Booze Earnings: 3 Things to Watch

Stock Markets1 hour ago (Jun 08, 2021 04:04PM ET)

(C) Reuters.

By Christiana Sciaudone — Stocks meandered for much of the day before closing close to a record.

The S&P 500 rose as investors awaited the next key economic indicator — Thursday’s consumer-price data — that could give a clue as to when the Federal Reserve might start tapering. Large-cap tech stocks led the charge higher.

Bitcoin took a beating, dropping to a two-week low as some analysts pointed at the recovery of the Colonial Pipeline ransom as the reason.

The internet outages that plagued some websites early this morning had sorted themselves out by late morning. Fastly (NYSE:FSLY), whose tech was behind the problem, reversed an early loss to close up more than 10%.

Here are three things that could affect markets tomorrow:

1. Economic data

It’s a quiet day on the data front, with mortgage applications and wholesale inventories the only numbers on the docket. Mortgage applications will look to rebound after dipping 4% previously, while inventories are expected to post another 0.8% gain.

2. GameStop earnings

Though recently outshined by AMC, GameStop (NYSE:GME) is still the OG meme stock, and it reports after the close on Wednesday. Those retail favorites still need to deliver on results, and GameStop is expected to post a loss on $1.2 billion in revenue. There will also be plenty of interest in Chewy (NYSE:CHWY) CEO Ryan Cohen’s involvement as the company makes its push into e-commerce.

3. In other earnings

If booze is more your meme, Brown Forman (NYSE:BFb) is also due tomorrow. The maker of Jack Daniels and Chambord is expected to post gains in both sales and profit, with both expected to come in at 33 cents a share and $772 million, respectively. Also due: RH (NYSE:RH) and Dollarama.

Mortgages, GameStop, Booze Earnings: 3 Things to Watch

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