Jobless claims, DocuSign earnings, Designer Brands: 3 things to watch

Investing.com -- Stocks tumbled on Wednesday as a combination of rising oil prices and rising interest rate fears weighed on markets.

While futures traders are betting on the Federal Reserve to hold steady on interest rates when it meets later this month, rising oil prices after extended production cuts by Saudi Arabia and Russia stoked concerns about the cost of energy and its effect on inflation.

This is as the Beige Book survey by the Fed found that inflation was easing as the growth in the price of goods slowed, and consumers have turned to borrowing to support their spending.

Heading into the fall, though, futures markets are about evenly divided on whether the Fed will raise rates in November.

Fed officials will be speaking in the next week or so and could provide hints on their thinking heading into the meeting. Boston Fed President Susan Collins said this phase of monetary policy calls for patience and holistic data dependence.

Here are three things that could affect markets tomorrow:

1. Jobless claims

The Fed has been closely watching the labor market for signs that the tight conditions are easing, something it wants to see to prove its inflation fighting efforts are working. New jobless claims for last week, due out at 8:30 ET (12:30 GMT) are expected to rise to 235,000 from 228,000 the prior week.

2. DocuSign earnings

Pandemic darling DocuSign Inc (NASDAQ:DOCU) is expected to report earnings per share of 65 cents on revenue of $677.5 million.

3. Designer Brands reports

Designer Brands Inc (NYSE:DBI) is expected to report earnings per share of 43 cents on revenue of $787.9 million.