Splunk, Car Sales, Fed Speakers: 3 Things to Watch By Investing.com

By Christiana Sciaudone

Investing.com — Stocks lost steam after a strong start to the day in this holiday-shortened unofficial first week of summer. 

Brent Oil Futures, in time for the season, hit $70 as the Saudi energy minister kept the market guessing as to whether more supply will be added to the market this year to keep pace with the accelerating global recovery.

Yet another company has become a cyberattack victim as JBS, the world’s largest meat producer, was forced to shutter its five biggest beef plants in the U.S., Bloomberg reported. Watch for prices of hamburgers to jump right in time for grilling season. Operations in Australia and Canada were also shut down. 

Zoom Video Communications Inc (NASDAQ:ZM)results are out this afternoon, and will give the market insight into how pandemic-era stocks are handling the reopening of the U.S. 

Here are three things that could affect markets tomorrow:

1. Earnings

The earnings calendar is light, and most of the big names are due to hit after the close. Software company Splunk (NASDAQ:SPLK) is expected to post $491.6 million in revenue, while consensus is for NetApp (NASDAQ:NTAP) to pull in $1.5 billion in sales. Calvin Klein and Tommy Hilfiger parent PVH (NYSE:PVH) is also due.

2. Car sales 

Expect low inventories driven by chip shortages and seasonal factors to crimp car sales. Consensus is for a dip to 18 million in May from April’s 18.5 million. Car makers will release their numbers throughout the day.

3. Fed speak

Patrick Harker, Robert Kaplan, Charles Evans and Raphael Bostic all take part in a forum hosted by the Minneapolis Fed on racism and the economy. If you’d rather read, the Beige Book is due at 2:00 PM ET (1800 GMT).