3 Things to Watch for September 2 By Investing.com

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© Reuters.

By Christiana Sciaudone

Investing.com  —  Markets closed up Tuesday, hitting record highs, yet again. Stay-at-home queen Zoom Video and Walmart (NYSE:) led the stocks higher. 

Zoom Video Communications Inc (NASDAQ:) soared after blasting estimates for the quarter. Walmart was higher as it finally caught up to Amazon (NASDAQ:)’s Prime Service. Not that Amazon shrugged, with tech stocks continuing their steadfast march forward. 

The economy looked to be in okay shape as the Index improved to 56.0 from 54.2 in August, topping economists’ forecasts for a reading of 54.5.

Energy stocks, however, shrugged off a climb in oil prices, paced by a decline in Baker Hughes A Ge Company LLC (NYSE:), Occidental Petroleum (NYSE:) and ConocoPhillips (NYSE:).

Here are three things that may move markets tomorrow:

1. E-commerce earnings

Bigcommerce Holdings Inc (NASDAQ:) reports its first earnings as a publicly-traded company. Estimates aren’t available, but for the quarter ended in March, BigCommerce reported a loss per share of 9 cents on revenue of $25.58 million.

The shares dropped on Monday after Morgan Stanley (NYSE:) and Raymond (NS:) James initiated coverage without much enthusiasm, citing the already high valuation. The company’s initial public offering priced at $24 on August 4, and shares reached a peak of $141 on August 27.

2. Retail earnings

Macy’s (NYSE:) is expected to report a loss per share of $1.80 on sales of $3.46 billion. Shares of the department store giant are down almost 60% in 2020. 

Tween specialty discount store Five Below (NASDAQ:) is set to publish earnings per share of 14 cents on sales of $411.92 million. Shares have fallen 12% this year.

3. Economic data

The Research Institute’s August jobs report is expected to show gains of 950,000, compared to 167,000 in July.  

The Fed’s comes out at 2:00 PM ET (1800 GMT). The Fed report covers the end of July through much of August, and may provide guidance about the labor market and the economic recovery. 

 

 

 

 

 

 

 

 

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