Brown Forman, Okta Earnings, Crude Inventories: 3 Things to Watch
2022.08.30 23:10
By Liz Moyer
Investing.com — Stocks continued their slide as investors fear the Federal Reserve will stay aggressive in its effort to tame inflation.
The selling comes ahead of a key economic report on Friday: jobs for August. The JOLTs job openings data released earlier today showed a surprise 11 million openings, which was more than expected even with historically low unemployment. Investors have been worrying that the Fed’s interest rate moves will eventually tip the economy into a recession, with job losses.
Wednesday also brings an important reading on U.S. oil inventories, a day after a 6% sell off as investors feared a global economic slowdown will hit demand. Gasoline prices are also falling, averaging $3.84 a gallon for regular, down from $4.23 a gallon a month ago.
The jobs report could add a jolt to the markets as everyone heads out for a three-day holiday weekend in the U.S.
Here are three things that could affect markets tomorrow:
1. Brown Forman earnings
Brown Forman (NYSE:BFb), maker of Jack Daniel’s and Finlandia, is expected to report earnings per share of 47 cents on revenue of $978 million.
2. Okta earnings
Okta Inc (NASDAQ:OKTA), which makes cybersecurity products, is expected to report a 30 cent a share loss on revenue of $430 million.
3. Crude inventories
Data on crude inventories comes out at 10:30 ET (14:30 GMT). Analysts expect to see a draw of 1.483 million barrels.
