By Christiana Sciaudone
Investing.com -- Markets were neither here nor there today as industries went their own way.
Industrials were higher thanks to Boeing (NYSE:BA) and General Electric (NYSE:GE) (book that flight!), materials were supported by jobless claims at a new pandemic low (McD's is offering free iPhones to new hires!) and financials rode Treasury yield rates higher (cha-ching!).
Energy and tech, on the other hand, were less inspired.
Meme stocks were back in the news, with AMC Entertainment (NYSE:AMC) soaring as Bank of America (NYSE:BAC) said retail investor trades are here to stay.
We'll get another view into inflation tomorrow, and the lucky ducks at Citi will get a four-day weekend. Enjoy the unofficial start to summer.
Here are three things that could affect markets tomorrow:
1. Inflation
Following the jump in CPI earlier this month, the Federal Reserve’s preferred measure of inflation is set to spike in April. The core PCE deflator is expected to jump to 2.9% from 1.8%. In other economic data, personal income is set to slide 14.3% as stimulus checks disappear, and personal spending is expected to gain 0.5%. Those are all due at 8:30 AM ET (1230 GMT).
2. Budgeting
Floated earlier today, Joe Biden's fiscal year 2022 budget is scheduled for official release. The $6 trillion behemoth would take federal spending to its highest levels since World War II. That is if it ever gets passed, which is unlikely given the Democrats' slim control of Congress.
3. A four-day weekend
Envy your friends at Citigroup (NYSE:C). New CEO Jane Fraser has designated Friday "Citi Reset Day," a company-wide holiday to honor workers for going the extra mile during the pandemic.