Uber Outlook, Moderna Profit, Jobless Claims: 3 Things to Watch By Investing.com

By Liz Moyer

Investing.com — Stocks rose on Wednesday as investors looked to what is expected to be a strong April jobs report on Friday, an indication the economy continues to roar back.

Strong economic data and earnings last week pushed markets to records, but they have waffled around in the last couple of days.

Treasury Secretary Janet Yellen tossed a wet towel of uncertainty on the situation Tuesday by first suggesting rates might have to rise to prevent the economy from overheating and then trying to walk those words back. 

Tech stocks sold off in the afternoon Tuesday and tried to retrace that ground on Wednesday as investors delivered the message: Don’t talk about interest rates, especially if you are the former Federal Reserve Chair.

Big tech names like Apple Inc (NASDAQ:AAPL) rose on Wednesday, as did General Motors Company (NYSE:GM), which said it could hit the top end of its 2021 profit forecast despite a global chip shortage that has hampered production.

Here are three things that could affect markets tomorrow:

1. A look at the gig economy

Uber Technologies Inc (NYSE:UBER) analysts expect earnings per share of 56 cents on revenue of $3.26 billion when the ride-hailing company reports Wednesday night. The Labor Department nullified a Trump-era rule that tried to make it more difficult for a gig worker to be counted as an employee, a possible blow to companies like Uber and LYFT Inc (NASDAQ:LYFT) that rely on independent gig workers.

2. Pharmaceutical earnings

Moderna Inc (NASDAQ:MRNA)reports first quarter results early on Thursday, and analysts expect EPS of $2.60 on revenue of $2.23 billion. Rival Pfizer Inc (NYSE:PFE) beat expectations earlier this week and raised its sales forecast for its Covid-19 vaccine to $26 billion as governments and employers press people to get their vaccines. On Wednesday the Biden administration said it would support a waiver on the patents for the Covid vaccines, sending Moderna shares down more than 5%.

3. Focus on job market

On Wednesday, ADP’s private payroll report for April showed jobs rose 742,000. That lifted stocks and tosses more optimism on Friday’s all important nonfarm jobs report from the government. But between now and then, Thursday brings unemployment data. Initial jobless claims are expected to come in around 540,000 and continuing claims around 3.62 million. The data are released at 8:30 AM ET (1230 GMT).