AstraZeneca reports, Li Auto earnings, Tapestry: 3 things to watch

Investing.com -- Stocks wobbled for much of the day on Wednesday, struggling to keep a multi-day rally going as investors continued to absorb earnings reports.

Investors also have an appearance tomorrow by Federal Reserve Chair Jerome Powell, who is scheduled to participate on a conference panel. Futures markets continue to predict the Fed will hold steady on rates in December, and some traders have started to factor the probability of a rate cut coming in the first half of next year.

Though some Fed officials have said in recent days there is more work to be done to get inflation back to the central bank's 2% target rate, markets have rallied on the hopes that the tightening cycle is done.

Data next week on the consumer price index for October could help the Fed decide the next steps to take. Consumer spending has remained resilient in the face of rising prices, boosting the third quarter gross domestic product estimate above expectations, though many expect that growth to cool for the fourth quarter.

Retail earnings in the next week or so could give investors a better sense of consumer behavior as major stores head into the crucial holiday sales season.

Here are three things that could affect markets tomorrow:

1. AstraZeneca reports

Pharmaceutical maker AstraZeneca PLC (LON:AZN) ADR (NASDAQ:AZN) is expected to report earnings per share of 85 cents on revenue of $11.5 billion.

2. Li Auto earnings

Another electric vehicle maker, Li Auto Inc (NASDAQ:LI), is expected to report earnings of $2.77 on revenue of $32.5 billion.

3. Tapestry reports

Luxury fashion firm Tapestry Inc (NYSE:TPR) is expected to report earnings per share of 90 cents on revenue of $1.54 billion.