Michigan Feelings, EV Show, Movie Premiere: 3 Things To Watch

Michigan Feelings, EV Show, Movie Premiere: 3 Things To Watch

Written by Liz Muir – Stocks tried to rally but could not sustain gains on Thursday, closing lower amid a fresh batch of economic data.

New last week was less than expected, further evidence that the labor market is still tight. It was a little better than expected, too. On Friday, Michigan’s consumer confidence reading for September is expected to show an improvement in the outlook.

All of this comes as August proved to be hotter than expected, which may give the Fed reason to continue on the path of aggressive monetary tightening. The Fed is watching for the central bank to raise the benchmark interest rate by another 0.75 percentage points, as it did in June and July, but some see the possibility of a full 100 basis point rate hike. Federal Reserve officials have said in recent weeks that it is important to bring inflation down to the 2% target and that they will do what they need to do to make it happen.

One bright spot in the news Thursday: The Biden administration struck a tentative deal between railroads and union workers, to avert a strike that could have crippled the transportation network that carries a third of American shipments across the country. Union members must then vote on it.

Here are three things that could affect the markets tomorrow:

1. Michigan Feelings

The September reading comes out on Friday at 10:00 ET (14:00 GMT). The current forecast is 60, which will be higher than 58.2 in the previous reading.

2. Detroit Auto Show

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The Detroit Auto Show opens to the public on Saturday, but press reports have previewed a slew of electric vehicles from major automakers, including Stellantis NV (NYSE: NYSE:), Ford Motor Company (NYSE: and General Motors Company (NYSE:)) President Joe Biden, during his inaugural visit to the show, announced an initial investment of $900 million in electric vehicle charging stations, as part of a nationwide launch.

3. A weekend movie?

It’s been a slow period for new movie releases, but Sony Expected Group Corp (NYSE:) woman king It debuts in cinemas Friday, with the opening weekend box office sales opening mid-teens, according to BoxOfficeMojo.

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