Investing.com — Markets took a breather from the recent four-day rally.
The S&P 500 and Dow Jones Industrial Average both dropped about 0.6% while the NASDAQ Composite was little changed, as the hoped-for stimulus relief from Washington failed to materialize. Banks led losses on the benchmark, with JPMorgan Chase (NYSE:JPM) & Co. and Citigroup Inc (NYSE:C). sinking despite better-than-expected results.
Apple (NASDAQ:AAPL)’s new iPhones — fresh look, 5G, tougher 6.1-inch OLED screen and updated dual cameras — weren’t enough to keep it from sinking.
Amazon (NASDAQ:AMZN) eked out a gain as people flocked to make Prime Day purchases.
Stimulus is still a mythical creature.
Here are three things that may move markets tomorrow:
1. Bank earnings
More bank earnings are on tap, with Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS) and Wells Fargo (NYSE:WFC) all due. As with JPMorgan and Citi, the focus will be on how much those banks are setting aside for soured loans and whether trading continues to be a bright spot in a volatile market. It’s also worth keeping an eye open for hints of possible further job cuts after Wells cut 700 positions last week.
2. Non-bank earnings include United Airlines and UnitedHealth
United Airlines Holdings Inc (NASDAQ:UAL) reports on the heels of Delta’s disappointing quarterly earnings. UAL is expected to report a loss per share of $7.57 on sales of $2.54 billion. For context, a year ago, UAL reported earnings per share of $4.07 on sales of $11.4 billion.
UnitedHealth (NYSE:UNH) is also up tomorrow. Earnings per share are expected at $3.09 on revenue of $63.8 billion.
Alcoa (NYSE:AA) is due to report a loss per share of $1.17 on sales of $2.23 billion for the quarter.
3. Economic data
On the economic data front, we’ll get a look at September’s producer price index. The number probably increased, but at a slightly slower pace than the previous month. The choppiness mirrors the economic rebound.