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GDP, Alibaba Earnings, Bud Outlook: 3 Things to Watch

Stock Markets Feb 23, 2022 20:36
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© Reuters.

By Sam Boughedda -- Stocks showed wild swings on Wednesday, rising and then reversing gains to sink in afternoon trading amid rising tensions about the Ukraine conflict.

Reports of cyberattacks on Ukrainian government sites spread on Wednesday as the White House announced sanctions on the Russian-controlled Nord Stream 2 natural gas pipeline, specifically its construction company.

Ukraine announced a state of emergency and urged citizens in Russia to leave, Reuters reported. The world continued to await Russia’s next military move after backing the independence of two separatist groups in Ukraine earlier this week and sending in troops.

Wednesday’s market swoon caught several big tech names in the downdraft, including Advanced Micro Devices Inc (NASDAQ:AMD), down 4%, as well as Apple Inc (NASDAQ:AAPL), Nvidia Corporation (NASDAQ:NVDA), and Tesla Inc (NASDAQ:TSLA).

Investors are still wary about how much the Federal Reserve will raise short-term rates when it meets next month, though many have recently expected it to make a 50 point move to fight inflation.

Here are three things that could affect markets tomorrow:

1. Economic output

The U.S. is set to release its fourth quarter quarterly GDP figure Thursday morning at 8:30 AM ET, with forecasts anticipating a 0.1% move higher to 7% from 6.9%.

2. Alibaba earnings

Alibaba Group Holdings Ltd ADR (NYSE:BABA)reports earnings before the opening bell Thursday. Analysts are expecting quarterly profit to fall 60% from last year, to net income of $5 billion or so.

3. Bud earnings

Anheuser Busch Inbev (BR:ABI) NV ADR (NYSE:BUD) also reports Thursday morning with analysts expecting earnings per share of 75 cents on revenue of $13.73 billion.

-- Reuters contributed to this report

GDP, Alibaba Earnings, Bud Outlook: 3 Things to Watch

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