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Home Depot, Consumer Confidence, Fed Testimony: 3 Things to Watch

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By Liz Moyer

Investing.com -- The reopening trade is on.

While the Dow Jones Industrial Average rose on Monday, the tech-heavy NASDAQ Composite shed more than 2% as value stocks replaced growth stocks as the top investor choice.

President Joe Biden’s $1.9 trillion stimulus plan cleared the House committee and is headed to a full vote on the floor. The news, plus improving trends on Covid vaccines and new cases, sent a jolt through companies that have languished during the pandemic.

Cruise stocks, airlines, and movie theater operators all jumped on Monday. AMC Entertainment Holdings Inc (NYSE:AMC)shares were up double-digits after New York Gov. Andrew Cuomo said movie theaters can finally reopen in NYC, subject to occupancy and other restrictions.

Bank of America (NYSE:BAC) raised its economic growth projection to 6.5% for this year, up from 6%, citing strong first quarter data.

While the stimulus bill faces some resistance, especially in the Senate, the expectation for a fresh infusion of spending is propping up energy, financials and industrials.

Here are three things that could affect markets tomorrow:

1. Earnings roll in

On Tuesday we hear from Home Depot Inc (NYSE:HD), Macy’s Inc (NYSE:M) and Square Inc (NYSE:SQ), among other companies, as the focus turns to what the company executives say about the outlook for this year.

Home Depot is expected to report earnings per share of $2.61 on revenue of $30.5 billion. Macys is expected to eke out a 5 cent a share profit on revenue of $6.5 billion. Square is expected to report EPS of 24 cents on revenue of $3.1 billion.

2. Consumer confidence for February

How optimistic are consumers about the economic outlook, given the elevated and ongoing unemployment situation? On Tuesday at 10:00 AM ET (1500 GMT) the reading for February confidence comes out. Analysts are expecting a reading of 90, up from 89.3 the prior month.

3. Fed Chair testifies on Capitol Hill

Also at 10 AM ET, Fed Chairman Jerome Powell will begin his periodic testimony on Capitol Hill to the Joint Economic Committee. His comments will come as Congress continues to negotiate a $1.9 trillion stimulus, part of which includes a $15 minimum wage that is meeting with resistance.

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