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Day Ahead: 3 Things to Watch for August 7

imageStock Markets5 hours ago (Aug 06, 2020 04:38PM ET)

(C) Reuters.

By Christiana Sciaudone

Investing.com — The Dow Jones Industrial Average moved higher on Thursday, along with the other indexes, as investors and traders await an economic relief package from lawmakers.

Politicians are working on the next fiscal stimulus package, but the timeline remains somewhat murky ahead of a self-imposed Friday deadline. The big sticking point is whether or not to resume the enhanced $600-a-week unemployment benefit that was rolled out in March but has since lapsed.

Investors still love megacap tech stocks, which just keep going strong, and pushed the NASDAQ Composite to its first close above 11,000. Energy stocks, on the other hand, weakened on lower oil prices.

Here are three things that may move markets tomorrow:

1. Economic indicators

Signs of a slowdown in the recovery may show up in July’s non-farm payrolls, which are expected to come at 1.58 million. That’s less than one-third of the previous month’s 4.8 million. The level of unemployment may have fallen slightly to 10.5% from the previous 11.1%. The jobs report is due out at 8:30 AM ET (1230 GMT).

2. Earnings run

DISH Network Corporation (NASDAQ:DISH) is expected to report earnings per share of 59 cents on sales of $3.14 billion for the quarter. Shares have almost doubled since March.

Icahn Enterprises LP (NASDAQ:IEP) should report earnings per share of 45 cents on revenue of $2.4 billion. Results were hammered last quarter, when the company reported a loss per share of $6.34 compared to the expected 79-cent loss.

Beer maker Kirin Holdings Co Ltd (OTC:KNBWY)is set to report earnings per share of 27 cents on sales of $4.17 billion. Cheers.

3. Somewhere in Middle America

You’ll have to wait another day (it’s Saturday, not Friday) but all eyes will be on Omaha to see what else Warren Buffett’s Berkshire Hathaway B (NYSE:BRKb) plans for its $137 billion cash pile. Berkshire scooped up Dominion Energy Inc (NYSE:D) assets last month and $2.1 billion of Bank of America Corp (NYSE:BAC) stock more recently. Investors will be curious to see if Buffett’s conglomerate is buying back its own stock.

Day Ahead: 3 Things to Watch for August 7

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