Investing.com -- Stocks wobbled on Tuesday as investors took in a deluge of reports from S&P 500 companies as they await July's jobs report on Friday.
It's the busiest week of earnings, with reports due out later from Apple (NASDAQ:AAPL) and Amazon.com (NASDAQ:AMZN) among big tech names. Pharmaceutical giants Merck & Company Inc (NYSE:MRK)and Pfizer (NYSE:PFE) reported mixed results on Tuesday.
But investors are keenly focused on Friday's jobs report, which is expected to show the economy added 200,000 jobs, slightly cooling from the prior month, while unemployment is expected to remain at record-lows near 3.6%. The Federal Reserve is looking for signs that the tight labor market has shown some softening without sparking big job losses as it tries to balance its fight against inflation with its efforts to guide the economy to a soft landing.
The Fed doesn't meet to decide on interest rates again until September. Futures traders see the probability of the Fed remaining at current rate levels when it does meet then, while some see a 30% probability of it raising rates another quarter of a point in November.
The idea that the Fed could be at the end of its rate hikes is lifting tech stocks, pulling the Nasdaq higher by 37% so far this year.
Here are three things that could affect markets tomorrow:
1. Qualcomm earnings
Chip maker Qualcomm Incorporated (NASDAQ:QCOM) is expected to report earnings per share of $1.81 on revenue of $8.5 billion.
2. Shopify reports
The website platform Shopify Inc (NYSE:SHOP) is expected to report earnings per share of 7 cents on revenue of $1.6B.
3. CVS Health
Pharmacy chain and health provider CVS Health Corp (NYSE:CVS) is expected to report earnings per share of $2.13 on revenue of $86.4B.