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Congress has to raise the ceiling or suspend it in a matter of days or risk a U.S. default on its obligations. Treasury Secretary Janet Yellen has given June 1 as the drop-dead date beyond which it runs out of options, but others have suggested there might be a few more days to work with.
Still, the uncertainty is weighing on markets and investor sentiment. Economic data has been mixed as the Federal Reserve heads into its next meeting in June, when the market mostly anticipates it will pause on additional rate increases. Some Fed officials in recent days have said the Fed can’t let up on its battle against inflation, which is still running hotter than its targeted 2% rate.
Investors are looking to a report on Friday that will measure inflation during April, a critical data point for the Fed as it makes its decision.
The June meeting will also include updated forecasts by Fed officials of the direction of inflation, economic output and employment.
Earnings continue to straggle in, with a bunch of retail companies yet to report for the recent quarter, and the Fed will release the minutes of its latest meeting tomorrow afternoon.
Here are three things that could affect markets tomorrow:
1. Nvidia earnings
Analysts expect chipmaker NVIDIA Corporation (NASDAQ:NVDA) to report earnings per share of 92 cents on revenue of $6.5 billion.
2. Kohl’s reports
The department store Kohl’s Corp (NYSE:KSS) is expected to report a loss per share of 41 cents on revenue of $3.4B.
3. Snowflake earnings
Cloud computing company Snowflake Inc (NYSE:SNOW) is expected to report earnings per share of nearly 6 cents on revenue of $611 million.
