Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

FedEx Earnings, Manufacturing, Services PMI: 3 Things to Watch

Published 2022-09-22, 04:08 p/m
© Reuters.
FDX
-
WMT
-

By Liz Moyer

Investing.com -- Stocks wobbled on Thursday as investors tried to soak in the Federal Reserve's forecasts for the direction of interest rates.

The Fed sees the benchmark rate moving above 4.5% next year and staying higher for longer than investors thought. It is aiming to tame inflation, also forecasting a rise in unemployment next year, something that is stoking recession fears.

Big companies such as FedEx have forecasted costs to rise as business slows down. Walmart Inc (NYSE:WMT), the biggest U.S. retailer, isn't going to hire as many seasonal workers this year compared with last year, when it was scrambling to find enough workers.

As earnings season winds down, next week brings another slate of housing data, including the home price index and data on mortgage rates and demand. Consumer confidence numbers, another print of GDP for the second quarter and the Fed's favorite inflation measure, the PCE, are also due out.

Here are three things that could affect markets tomorrow:

1. FedEx earnings

FedEx Corporation (NYSE:FDX) released its quarterly report a few hours earlier than expected on Thursday, and its shares rose 1.6% in late trading. Profit beat expectations, but revenue slightly missed. The shipping giant is raising prices 6.9% as it faces a global volume slowdown and rising costs.

2. Manufacturing index

At 9:45 ET (13:45 GMT), the ISM manufacturing purchasing manager's index for September is expected to show a reading of 51.1, down just slightly from the prior reading.

3. Services index

Also at the same time, the ISM services purchasing manager's index is expected to show a reading of 45 for September, up slightly from 43.7 last month.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.