Outlook for Wednesday’s U.S. market. Earnings reports from major companies, including Micron, are due, while economic indicators and interest-rate trends are expected to determine the market’s direction. The Dow, S&P and Nasdaq are expected to trade around the previous day’s closing levels.
On Wednesday, major memory-chip maker Micron Technology is due to report fourth-quarter earnings, with analysts forecasting EPS of approximately $31.83 and revenue of approximately $51.5 billion. Depending on the results, the earnings report could affect technology stocks more broadly.
Jabil, Conagra Brands and Cal-Maine Foods are also scheduled to report earnings, while Progress Software is expected to release its results after the close. Economic releases scheduled include the PCE price index, ADP employment figures, the final GDP reading and business inventories.
Interest rates continued to rise, with U.S. Treasury yields at both the short and long ends reaching high levels. The Dow fell 0.3%, the S&P 0.2% and the Nasdaq 0.1%, and the major stock indexes may continue to trade softly.