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Investors are waiting on Friday’s key job report for last month as this week’s labor market data sent a mixed message. On the one hand, Tuesday’s job openings report showed employers had more openings than expected, stoking fears the labor market was still running too hot for the Federal Reserve’s liking. Then Wednesday’s ADP payrolls report came in well below forecasts.
On Thursday, investors get another slice of jobs data in the form of unemployment claims for the previous week.
The Fed signaled it could raise rates again this year and probably won’t lower them as quickly next year as investors had expected as of mid-summer. The interest-rates-higher-for-longer message has settled in, with expectations for another pause in the Fed’s rate increases in November at around 81% right now. Futures traders see a slightly lower probability of a pause in December.
Friday’s jobs report, expected to show the economy added 163,000 positions last month, could factor into the Fed’s thinking heading into its next meeting in November.
Here are three things that could affect markets tomorrow:
1. Constellation Brands earnings
Constellation Brands Inc Class A (NYSE:STZ), maker of beer, wine, and spirits, is expected to report earnings per share of $3.36 on revenue of $2.8 billion.
2. Conagra reports
ConAgra Foods Inc (NYSE:CAG), maker of packaged food products under Birds Eye, Duncan Hines and other brands, is expected to report earnings of 59 cents on revenue of $2.96 billion.
3. Levi Strauss
Apparel maker Levi Strauss & Co Class A (NYSE:LEVI) is expected to report earnings per share of 26 cents on revenue of $1.54 billion.
