Private Payrolls, Global Taxes, Earnings: 3 Things to Watch

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Investing.com — Nasdaq 100notched another record high Tuesday on strength in chip stocks while banks caught a bullish trade.

Markets got a boost from positive Investor sentiment on the economy. Consumer confidence rose in June from the previous month and was stronger than expectations. It was the highest reading since February 2020, right before the pandemic upended the economy.

Worries about the highly contagious delta variant weighed on the energy sector, because new lockdowns could stall economic progress. Two days from now, the cartel of major oil producers will meet and are expected to ease production curbs..

The industry’s oil inventory reading for last week comes out after the closing bell, while the government’s own report is due out in the morning. Falling inventories in prior weeks has driven the price of a barrel higher.

Here are three things that could affect markets tomorrow.

1. Jobs

The ADP Research Institute’s June jobs report is due at 8:15 AM ET (1215 GMT). The private-sector hiring report will give some insight into what to expect from Friday’s non-farm payrolls. Consensus is for 600,000 new jobs, down from the previous month’s 978,000.

2. Taxes

The OECD will meet in Paris to iron out the details of international taxation. The negotiations come after the G-7 agreed to set a floor on corporate tax rates of at least 15%, up from the current average of 6% to 7%. The goal is to make a proposal ahead of the G-20 meeting in July.

3. Earnings

Yes, that’s right, earnings. It may be the summer doldrums for some, but a handful of big names are due to report. Micron Technology Inc (NASDAQ:MU). will give a glimpse into the state of chip makers, Constellation Brands Inc Class A (NYSE:STZ) will give us a clue as to how much we’re all still drinking, General Mills Inc (NYSE:GIS) how much cereal we’re eating, and Bed Bath & Beyond Inc (NASDAQ:BBBY) should show us if we’re still spending on things for the homes to which we’re no longer confined.