By Liz Moyer
Investing.com — Stocks turned lower after trying to stage a rally earlier Wednesday after suffering their worst day in two years on Tuesday.
Investors are still mulling the August , which showed prices are still elevated in key parts of the economy, except for gasoline. The still-hot number has Fed watchers believing the central bank will continue to act aggressively to tame inflation, withit will raise interest rates next week by another three quarters of a percentage point.
The Federal Reserve wants to push inflation back to its 2% target from around 8% now, but it wants to do it without widespread job losses. Companies across the tech industry have been reporting layoffs all summer, and many believe there will be a wave of job letting on Wall Street this fall amid a sharp slowdown in deal making.
Last week’s jobless claims come out tomorrow morning, giving further evidence to the Fed on trends in the labor market.
Here are three things that could affect markets tomorrow:
1. Jobless claims
Analysts expect last week’s to come in at 226,000, which would be a slight uptick from the previous week. The data are due out at 8:30 ET (12:30 GMT).
2. Adobe earnings
Adobe Systems Incorporated (NASDAQ:) reports earnings on Thursday. Analysts expect earnings per share of $3.34 on revenue of $4.4 billion.
3. Retail sales
for August will come out at 8:30 ET. Analysts expect the month-to-month number to climb 0.2%.