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Day Ahead: Top 3 Things to Watch for June 9

·2 min read

By Liz Moyer

Investing.com -- Wall Street greeted news of a recession by rallying on Monday, with the technology-heavy Nasdaq Composite closing at a new high above 9,900.

Investors scooped up stocks on indications the recession, which data show officially began in February, might not be long-lived. New York City began the slow process of reopening for business on Monday, fueling optimism for energy, industrial and financial stocks.

On Tuesday, the Federal Reserve begins its regular two-day meeting. They will be watching a closely followed report that morning on job openings for signs of employment trends. Wholesale inventories will also be reported and earnings reports are due from Brown Forman and Chewy.

Here are three things that could affect markets tomorrow.

1. JOLTS Data Closely Watched as Fed Meets

The Labor Department's Job Openings and Labor Market Survey for April (JOLTS) is due out Tuesday at 10:00 AM ET (14:00 GMT) and is expected to show openings of 5 million, against 6.19 million the prior month.

The report will also highlight vacancies versus job seekers. Before the beginning of Covid-19 shutdowns, the JOLTS showed how tight the labor market was getting amid 50-year-low unemployment rates.

2. Wholesale Inventories Expected to Bounce Back

Data on wholesale inventories at 10:00 AM ET (14:00 GMT) are expected to show a rise of 0.4% month over month compared to -0.8% the prior month. Any data on business activity is likely to capture the attention of investors as New York City begins to reopen for business after a 100-day shutdown over Covid-19.

The data comes as oil prices recover some of their losses of the last few months and as stocks continue their uphill trajectory.

3. Profit Reports From Consumer-Oriented Firms

The stay at home orders during Covid-19 didn't hurt a variety of firms that rely on consumer spending, especially household product makers and grocers. Now a new slate of earnings are expected from companies that are expected to be somewhat shielded by Covid-19 closings.

Spirits maker Brown Forman (NYSE:BFb) is expected to report fiscal fourth-quarter earnings of 28 cents a share on revenue $695 million. The company makes liquor brands including Jack Daniel's and Finlandia. And online pet food and grooming product supplier Chewy (NYSE:CHWY) is scheduled to report profit of 18 cents a share on revenue of $1.5 billion.

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