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Investing.com — Stocks couldn’t sustain last week’s rally, heading lower on the last day in May as investors continue to worry about inflation.
That’s probably why President Joe Biden invited Federal Reserve Chair Jerome Powell to pay him a visit in the Oval Office on Tuesday, promising to put up a united front on fighting inflation while also promising not to interfere with the central bank’s decisions. The Fed is expected to raise interest rates another half-point in June and again in July.
Some things still seem out of the president’s control, however. Oil prices jumped earlier on Tuesday before falling back after the European Union agreed to put an oil embargo on Russia. Later, reports surfaced that the international oil cartel OPEC was considering leaving Russia out of the production deal the group has followed for months. Oil had earlier jumped to near $120 a barrel but then came back to $115 a barrel.
Elevated oil prices could muddy any progress on inflation in the next few months and force consumers to rein in spending. That makes the Fed’s job even trickier.
Still, the pressure on prices continues. Consumer confidence, while beating expectations, is still trending lower than previous readings. On Tuesday, the government will release information on job openings for April, and all of this leads up to the May jobs report from the government, due out on Friday.
Here are three things that could affect markets tomorrow:
1. JOLTS job openings
Data on April jobs openings, the JOLTS job report, are due out at 10 a.m. Analysts tracked by Investing.com expect the number to come in around 11.4 million, which would be down slightly from the 11.55 million reported for the prior month.
2. Chewy earnings
The online pet store Chewy Inc (NYSE:CHWY) is expected to report a loss of 10 cents a share on revenue of $2.4 billion.
3. GameStop turnaround
The retailer is trying to transform itself by opening up an NFT marketplace this summer. GameStop Corp (NYSE:GME) is expected to report a loss per share of $1.22 on revenue of $1.3 billion. Analysts will be listening for more details on its transformation plan.
