By Dhirendra Tripathi
Investing.com -- Stocks fell Wednesday as President Joe Biden prepared to address the American people as he marks the end of his first year in office.
Tech stocks weighed on the broader markets, dipping briefly near bear territory, sparked by fear of rising interest rates as the yield on the 10-year Treasury reached its highest in two years.
Biden is expected to highlight his accomplishments, including the $1 trillion infrastructure plan and the $1.9 trillion Covid-relief package passed last year. But he is still trying to get his larger social spending bill through Congress, and he hasn’t been able to escape criticism for his administration’s handling of the pandemic.
Inflation has been a tough-to-tame issue for the Biden administration. The 10-year Treasury was hovering around 1.81% on Wednesday as investors expected the Federal Reserve to cut back on years of economic stimulus to fight inflation.
On the oil front, prices are at highs not seen since 2014 because of a pipeline outage between Iraq and Turkey, Reuters reported.
The week is light on data, though oil inventory numbers will come out later on Wednesday and then on Thursday morning, delayed for a day because of the U.S. market holiday earlier this week.
Here are three things that could affect markets tomorrow:
1. Netflix earnings
Netflix Inc (NASDAQ:NFLX) will declare its fourth-quarter numbers Thursday. The streaming giant is expected to report a profit per share of 84 cents on revenue of $7.71 billion, according to analysts tracked by Investing.com. Analysts will be listening to the company’s outlook on subscribers and content creation.
2. Union Pacific earnings
Union Pacific Corporation (NYSE:UNP)’s fourth-quarter revenue is seen at $5.62 billion and profit per share at $2.62.
3. CSX earnings
CSX Corporation (NASDAQ:CSX) is seen positing a fourth-quarter revenue of $3.32 billion with profit per share coming in at 41 cents.
--Reuters and Investing.com staff contributed to this report