By Liz Moyer
Investing.com -- Stocks sank on Monday as investors questioned whether the Federal Reserve would step off its pace of interest rate hikes.
Stronger-than-expected data from the services sector combined with last week's stronger-than-expected jobs report to spook the market. While adding jobs is a good sign for households, it makes the Fed's job of raising rates to tame inflation more difficult.
The central bank meets next week for its last meeting of the year. Investors had been hoping for a half-percentage point increase, which would be slower than the pace set at its last four meetings. That is still anbut investors have been looking for reasons to flee risk assets.
China dropping some of its Covid-19 restrictions was seen as a positive development that should provide a lift to travel and leisure stocks and ease concerns about slowing global growth.
Here are three things that could affect markets tomorrow:
1. AutoZone earnings
It's been a tough year for car sellers as a pandemic surge in demand levels off. AutoZone Inc (NYSE: AZO ) is expected to report earnings per share of $25.25 on revenue of $3.86 billion.
2. Toll Brothers earnings
And it's also been a bad year for home builders, as rising mortgage interest rates and soaring home sale prices keep buyers on the sidelines. Toll Brothers Inc (NYSE: TOL ) is expected to report earnings per share of $4.01 on revenue of $3.17B.
3. Signet Jewelers
Heading into the holiday sales season, Signet Jewelers Ltd (NYSE: SIG ) is expected to report earnings per share of 31 cents on revenue of $1.5B.
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