Investing.com -- Stocks sank on Wednesday as investors awaited the outcome of the vote on the debt ceiling deal, over objections from GOP members who wanted more spending cuts.
The voting has begun in the House as of Wednesday afternoon, though an outcome isn't expected until later. Speaker Kevin McCarthy has expressed confidence the bill will pass, and be sent on to the Senate. But lawmakers are still scrambling to get the deal to President Joe Biden's desk before a June 5 deadline, when the U.S. risks defaulting on its obligations.
The bill calls for caps on spending this year and into the 2025 fiscal year and reclaims some funds that were allocated already for COVID-19 relief and building the enforcement capabilities of the Internal Revenue Service.
In addition, investors are looking to a slew of retail earnings on their way and a jobs report for May, which is expected out on Friday.
Comments from Federal Reserve officials on Wednesday suggested the central bank could delay another interest rate increase when it meets in June, helping send thehigher. Futures traders have been shifting their outlooks on the matter, earlier today seeing a greater probability of a quarter of a percentage point rate increase next month.
The jobs report could help the Fed make up its mind.
Here are three things that could affect markets tomorrow:
1. Job reports
The ADP private payrolls report, due out at 8:15 ET is expected to show an addition of 170,000 nonfarm jobs last month. Before that report, the Challenger job cuts number comes out at 7:30 ET. The number is expected to be up 227% from the same time last year amid a slew of job cuts in the tech sector.
2. Broadcom earnings
The chip maker Broadcom Inc (NASDAQ: AVGO ) is expected to report earnings of $10.12 a share on revenue of $8.7 billion.
3. Dollar General
The discount retailer Dollar General Corporation (NYSE: DG ) is expected to report earnings per share of $2.39 on revenue of $9.4B.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.