Investing.com -- Stocks shot higher on Tuesday as Treasury yields eased off their Monday highs, helping to lift tech stocks ahead of a spate of big company earnings reports.
Investors are also awaiting this week's reports on third quarter gross domestic product, due out on Thursday, and September inflation in the form of the personal consumption expenditures index. The Federal Reserve prefers to follow the core PCE, which strips out food and fuel prices, as its inflation gauge, and analysts expect the numbers to reflect an ongoing cooling for the economy.
But futures traders are still debating whether recent strong labor data means the Fed will raise interest rates another time this year. While nearly traders put a 99% probability on a rate pause in November, the probability of a rate increase in December is around 25%.
Rising bond yields in recent days show there are other forces at work beside Fed rate moves, and higher for longer bond yields could do the same work as a Fed hike to cool the economy.
Investors will be listening to what company CEOs say during this earnings season about what they are seeing on Main Street and with consumers heading into the end of the year.
Here are three things that could affect markets tomorrow:
1. Meta Platforms reports
Facebook and Instagram parent Meta Platforms Inc (NASDAQ:META) is expected to report earnings per share of $3.64 on revenue of $33.6 billion. Analysts will be listening for updates on its efficiency efforts and advertising business.
2. IBM earnings
Computing giant International Business Machines (NYSE:IBM) is expected to report earnings per share of $2.13 on revenue of $14.7 billion.
3. Boeing reports
Airplane maker Boeing Co (NYSE:BA) is expected to report a loss per share of $3.23 on revenue of $18.1 billion, and analysts will be listening for updates on production and delivery.