By Sam Boughedda
Investing.com – Stocks surged on Wednesday on little new news, while oil prices plunged more than 10%.
Investors plowed back into bank and tech stocks despite next week’s Federal Reserve meeting, which is almost certain to result in the first of several interest rate increases. Russia’s war in Ukraine continued on as well.
Big tech stocks such as Amazon.com (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) helped lift the S&P as well as the Nasdaq, which rose 3.5% with minutes left in the trading session.
After spiking to $130 a barrel earlier this week, oil settled back to closer to $109 a barrel, easing concerns that rising energy prices would cut into economic growth and hurt industries such as travel and leisure.
More companies quit operations in Russia amid a Western pullback after Russia’s invasion of Ukraine. The House was set to vote on a package of nearly $14 billion in aid for Ukraine as part of a spending bill that would keep the U.S. government open.
Here are three things that could affect markets tomorrow:
1. Rivian earnings
Rivian Automotive Inc (NASDAQ:RIVN) is set to report its earnings after the close Thursday. The company, which was recently hit with a shareholder lawsuit over its surprise price hike, is expected to report a loss per share of $1.65 on revenue of $60.54 million, according to analysts tracked by Investing.com.
2. Oracle earnings
Oracle Corporation (NYSE:ORCL) is also reporting after the markets close Thursday, with analysts polled by Investing.com forecasting earnings per share of $1.18 on revenue of $10.51 billion.
3. CPI data
Thursday will also see the US will file Consumer Price Index data. Analysts have forecast month-on-month CPI for February at 0.8%.