By Dhirendra Tripathi
Investing.com -- Stocks tumbled on Monday on the prospect of slowing growth, with a surge in new Covid cases because of the fast-spreading Omicron variant threatening new limitations on personal movement and business activities.
Sunday’s proclamation by Sen. Joe Manchin that he would not support President Joe Biden’s nearly $2 trillion social spending bill also weighed on the market.
Goldman Sachs said U.S. first quarter economic growth could be lower without the stimulus the bill promised to inject.
European nations have already added new limitations on business, with the Netherlands closing bars and restaurants until mid-January. The annual confab of influencers, the World Economic Forum in Davos, Switzerland, postponed its January conference until at least mid-2022. It did the same last year, and then canceled it.
Investors feared that closures could hit fuel demand, and that sent crude prices tumbling 5%.
This is all happening after the Federal Reserve said it would start to reduce the amount of monthly stimulus it was adding to the U.S. economy, with plans to cut its bond buying more rapidly than previously announced and a possible three rate hikes next year.
Here are three things that could affect markets tomorrow:
1. Micron earnings
Micron Technology Inc (NASDAQ:MU)will report its first-quarter numbers after the closing bell today. The company is expected to report profit per share of $2.10 on revenue of $7.68 billion, according to analysts tracked by Investing.com.
2. General Mills earnings
General Mills Inc (NYSE:GIS) will reveal its second-quarter results Tuesday. The company is seen posting revenue of $4.83 billion and profit per share of $1.05.
3. Rite Aid earnings
Rite Aid Corporation (NYSE:RAD)’s third-quarter loss per share is seen at 10 cents and revenue at $6.32 billion.