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investing.com — Stocks were mixed Thursday, with the Dow down for the second day as investors studied sluggish jobs data and the possible economic effects of a second wave of cornonavirus that could force new lockdowns.
While the Dow Jones Industrial Average fell slightly, the NASDAQ Composite notched gains. The car rental giant Hertz Global Holdings Inc (NYSE:HTZ)was a notable move, falling 10% during market hours and continuing to fall in afterhours trading. The company, which is in bankruptcy proceedings, canceled plans to offer fresh shares to the public.
On Friday, top officials from the Federal Reserve are expected to speak, and investors await the release of data that could provide insights on oil demand and imports and exports.
Here are three things that could affect markets tomorrow.
1. How Many Oil Rigs Are Currently In Production?
Expected U.S. Baker Hughes Oil Rig Count, which acts as a business barometer for the oil drilling industry. The data comes out at 1:00 PM ET (16:00 GMT). Last week it was 199. And the Baker Hughes total rig count last time was 279.
Oil prices have wobbled recently after notching multi-week gains because of government and industry data indicating crude inventories are climbing rather than falling. When oil builds up in storage, it means businesses might not be coming back online as quickly as investors would like.
2. Trade deficit numbers expected to improve slightly
Current account data, which measures the difference in value between imported and exported goods, services, and interest payments, is expected out on Friday at 8:30 AM ET (12:30 GMT). Analysts tracked by Investing.com expected the first quarter number to be a deficit of 103 versus a deficit of 109 the previous quarter.
3. More Public Appearances by Fed Officials
Top Federal Reserve officials are slated to speak in public on Friday. At noon, Vice Chair Randal Quarles is set to appear virtually at a Women in Housing and Finance public policy event on the subject of stress testing. There will be a question and answer session after his speech. An hour later at 1 PM ET (16:00 GMT), Fed Chair Jerome Powell is scheduled to appear remotely at a discussion about building a resilient workforce during Covid-19. That event is sponsored by the Cleveland Fed and will not include a question and answer session.
Powell testified in Congress this week about the slow process of recovery from the Covid-related shutdowns.
