Stock MarketsJun 28, 2021 03:31PM ET
By Dhirendra Tripathi
Investing.com — Stocks gave back some gains after reaching intraday highs early, and Facebook (NASDAQ:) got a late afternoon boost that propelled its market value above the $1 trillion mark.
A federal judge tossed out the government’s antitrust lawsuit against Facebook Inc (NASDAQ:), ruling the Federal Trade Commissions and states don’t have valid claims.
Facebook surged 3.6% Monday, and the tech-heavy rose 0.9%. The was essentially flat for much of the day but finished up at another record. The blue chips dipped into the red.
Most investors are watching for the government’s jobs report for June, which comes out on Friday.
Energy slipped more than 3% as oil prices came under pressure ahead of the OPEC meeting Thursday. Major oil producers are expected to decide to increase production starting in August after already planned production hikes in July.
Here are three things that could affect markets tomorrow:
1. Banks seen hiking payouts
Big banks are expected to announce dividend and buyback plans for the coming year now that the group has comfortably passed the Federal Reserve’s latest round of stress tests. Watch Bank of America (NYSE:), Citigroup (NYSE:), JPMorgan Chase (NYSE:), and Wells Fargo (NYSE:) shares on Tuesday. All four are expected to announce their plans beginning after the closing bell tonight.
2. Consumer confidence
Consumer confidence in the U.S. is expected to have strengthened in June with Conference Board’s Index seen rising to 119 after declining to 117.2 in May. The number is released Tuesday at 10:00 AM ET (1400 GMT).
3. Oil inventories
Oil inventory data from the industry comes out Tuesday as scheduled after the closing bell. Inventories have fallen in previous weeks — they were down more than 7 million barrels in the prior week’s report — and that has been good news for oil investors. The American Petroleum Institute puts the number out at 4:30 PM ET.
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