Uber Profit, Oil Stocks, Consumer Prices: 3 Things to Watch

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Investing.com — Twitter propelled big tech stocks higher on Tuesday, pushing the NASDAQ Composite to a new high above 14,000, yet another in a string of daily milestones in the last week.

The anticipation was over Twitter Inc (NYSE:TWTR)’s quarterly earnings, due to be reported later in the afternoon, after the closing bell. 

Stocks also gained on evidence of a decline in new U.S. virus cases and a pick up in the pace of vaccines. Strategists say that means the U.S. is on track for a surprisingly strong reopen.

In Washington, where President Joe Biden met with business leaders about his $1.9 trillion relief package, the Senate undertook the first day of the second trial of former President Donald Trump, the only U.S. leader to be impeached twice while in office.

Earnings season is coming to a close, but there are still a number of reports yet to come this week, along with data on consumer prices and oil.

Here are three things that could affect markets tomorrow:

1. Earnings from Coke, Uber, and others

On Wednesday we get earnings reports from a number of iconic brands, including Coca-Cola Co (NYSE:KO), Uber, and General Motors.

Analysts tracked by Investing.com expect Coke to report per-share profit of 42 cents on revenue of $8.6 billion. Uber Technologies Inc (NYSE:UBER) is expected to report EPS of 53 cents on sales of $3.6 billion. General Motors Company (NYSE:GM), which is aiming to produce electric vehicles only by 2035, is expected to report EPS of $1.64 on revenue of $36.1 billion.

2. Oil near 13-month high

On Tuesday, Brent Oil Futures hit a 13-month high after the U.S. predicted a slow return to pre-pandemic levels of production for the domestic industry, while the global spot market continued to tighten partly due to export problems in Libya.

Prices may be affected by industry data due out later on Tuesday and by the government’s weekly data report on inventories, expected out Wednesday at 10:30 AM ET (1530 GMT).

3. Consumer price data

While President Biden met with CEOs about economic stimulus, the government was preparing to release data about consumer prices that are expected to show an uptick from December.

The Core CPI for January will be released Wednesday at 8:30 AM ET (1330 GMT). Analysts expect 0.2%, up from 0.1% the prior month.