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Retailer Profits, Computer Earnings, Fed Speakers: 3 Things to Watch

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By Liz Moyer

Investing.com -- Good news on the vaccine front, plus the prospect of a pro-stimulus Treasury Secretary for the Biden administration, lifted stocks on Monday.

Other good news also greeted markets: Consumer spending for the holidays is seen rising over last year.

But the revelation of a third effective potential Covid-19 vaccine grabbed markets early, lifting the Dow Jones Industrial Average by triple-digits and boosting other risk assets such as oil, to the detriment of safe havens like gold.

More retail earnings are due out on Tuesday, as well as reports from the tech world. A bunch of Fed officials are also scheduled to speak.

Here are three things that could affect markets tomorrow:

1. There are still retailer profit reports to come

There are some retail earnings report stragglers due out. Best Buy Co Inc (NYSE:BBY) is seen reporting earnings per share of $1.70 on revenue of $10.9 billion. Dick’s Sporting Goods Inc (NYSE:DKS) is seen reporting EPS of $1.04 on revenue of $2.2 billion. Dollar Tree Inc (NASDAQ:DLTR) is expected to report profit of $1.15 a share on sales of $6.1 billion, and Tiffany&Co (NYSE:TIF) is expected to report EPS of 65 cents on revenue of $972 million.

Positive earnings trends could support gains in the overall market as the retailing sector heads into its critical holiday shopping season. The estimates are according to analysts tracked by Investing.com.

2. These tech companies probably benefited from work-from-home

HP Inc (NYSE:HPQ) and VMware Inc (NYSE:VMW) report their earnings after the closing bell. The two are likely beneficiaries of the work-from-home trend as people bought new laptops and software to spruce up their home offices.

HP is seen reporting EPS of 52 cents on sales of $14.6 billion, while VMware is expected to report profit of $1.44 a share on revenue of $2.8 billion.

3. Fed officials slated to speak as one of their alumnae heads to Treasury

On Monday, The Wall Street Journal reported that former Federal Reserve Chair Janet Yellen was President-elect Joe Biden’s choice for Treasury Secretary. That is seen as a bullish sign for the markets, as Yellen is considered to be pro-stimulus to help boost the economic recovery.

Speaking of the Fed, several board members are lined up to speak tomorrow at various places, including: St. Louis Fed President James Bullard, New York Fed President John Williams (NYSE:WMB), and Vice Chairman Richard Clarida.

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