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Stay-Home Earnings, Broadcom Reports, Private Payrolls: 3 Things to Watch

Stock Markets38 minutes ago (Jun 02, 2021 03:50PM ET)

(C) Reuters. — Stocks struggled for direction on Wednesday ahead of some key data releases that will give a clearer reading of employment and inflation trends in May.

Oil prices are back to their 2018 levels, with Brent Oil Futures trading above $70 a gallon. Sentiment on oil prices has also been supported by growing expectations that additional Iranian supply to the market will be delayed because of talks over a nuclear deal.

President Joe Biden announced an array of incentives to get those who aren’t yet vaccinated to get their shots, as more states offer lottery drawings and prizes to encourage residents. The president has set July 4 as a deadline for getting 70% of the adult population to have at least one Covid shot.

There are also reports due out Thursday about new and ongoing jobless claims. Here are three things that could affect markets tomorrow:

1. Stay-at-home earnings

While companies like movie theater chain AMC Entertainment Holdings Inc (NYSE:AMC) continue to benefit from the reopening trade, others that did well last year could slip because the stay-at-home trend is ending. Analysts tracked by expect the online office tool DocuSign Inc (NASDAQ:DOCU) 28 cents on revenue of $438 million, and group messaging app Slack Technologies Inc (NYSE:WORK) is expected to report a loss of less than 1 cent a share on revenue of $267 million.

Meanwhile, athleisure wear maker Lululemon Athletica Inc (NASDAQ:LULU) is expected to report EPS of 90 cents on revenue of $1.12 billion.

2. Broadcom reports

Chipmaker Broadcom Inc (NASDAQ:AVGO) is expected to report EPS of $6.43 on revenue of $6.5 billion, but analysts will be listening to hear what it says about the industry’s shortages and the outlook for the rest of this year.

3. Private payrolls report

There’s a preview to Friday’s government number on the number of jobs added during May and that’s the ADP jobs number, which is due out Thursday morning. It is expected to say the economy added 650,000 nonfarm jobs when the number is released at 8:15 AM ET (1215 GMT)

Stay-Home Earnings, Broadcom Reports, Private Payrolls: 3 Things to Watch

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