What will shake the market: Broadcom and Lululemon earnings
The US stock market fluctuated on Wednesday, ending the month on a decline, as investors feared decisive action by the US Federal Reserve.
The next important economic report will be released on Friday, when the US government releases employment data for August. Analysts expect 300,000 non-agricultural jobs to be created in the economy. However, before that, there will be data on applications for unemployment benefits for the last week. US private employment data from ADP on Wednesday showed lower-than-expected job growth.
Companies are announcing layoffs as their economic future becomes increasingly uncertain. The Fed is trying to tame inflation, but investors fear that its measures will go too far and send the economy into recession, leading to massive job losses.
The Fed will again decide on the next interest rate move at the end of September. Prior to that, she will also get acquainted with the data on the latest inflation indicators.
Here are 3 events that could affect the market on Thursday:
- Broadcom earnings
Broadcom Inc (NASDAQ:AVGO) is due to report earnings on Thursday. Analysts expect its earnings per share to be $9.56 on revenue of $8.4 billion.
- Profit Lululemon
Sportswear maker Lululemon Athletica Inc (NASDAQ:LULU) is expected to report earnings per share of $1.86 on revenue of about $1.8 billion.
- Income of Hormel Foods
Hormel Foods Corp. (NYSE:HRL) will report earnings of 41 cents per share on nearly $3 billion in revenue.
Written by Liz Moyer