CarMax, GDP Revision, Consumer Confidence: 3 Things to Watch
Investing.com
Published Dec 21, 2020 04:03PM ET
By Liz Moyer
Investing.com -- Stocks wavered as investors cheered the $900 billion stimulus package while swallowing fears about a virulent new strain of the coronavirus that prompted lockdowns in the U.K.
U.S lawmakers were set to vote on the stimulus deal, which is said to include funding for households as well as businesses to help prop up the economy even as a surge in virus cases forced new shutdowns.
Many families are struggling with lost jobs and wages, and word of $600 checks per individual under a certain income may not cheer expectations for the end of the year. Sectors like hospitality, travel and entertainment have also been hard-hit by pandemic restrictions on business activities.
Americans face a grim winter, with record-setting death tolls and hospitals strained to capacity even though new vaccines promise to bring an end to the crisis.
The S&P 500 shed points on Monday despite the addition of high-flying Tesla (NASDAQ:TSLA), the electric car company founded by Elon Musk.
Here are three things that could affect markets tomorrow:
1. Will there be a car with a bow on it under your tree?
Buying a used car online seems to have been a popular pandemic hobby, because shares of companies that specialize in online car sales have been flying.
On Tuesday, CarMax Inc (NYSE:KMX) reports earnings, which are expected to be $1.14 a share on revenue of $5 billion.
2. Economic output estimate for the third quarter
This is the third estimate for gross domestic product in the third quarter. The number, due out at 8:30 AM ET (1230 GMT), is expected to be 33.1% for the third quarter compared to the negative 31.4% recorded in the second quarter.
That rebound comes as a fresh wave of lockdowns is spreading across the U.S. and parts of Europe, and with evidence there is a new, more easily transmissible, version of the virus. Core PCE prices are expected to show growth of 3.5%, the same as the previous quarter.
3. Consumer confidence going into the holiday
December’s consumer confidence reading is expected to be 97, up from 96.1 last month, as households try to wrap up the year. The number is due out at 10:00 AM ET (1400 GMT).
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Written By: Investing.com
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