GDP reading, Hormel earnings, software results: 3 things to watch

By Liz Moyer -- Stocks wobbled on Tuesday as investors looked forward to Friday's report on jobs for November that could signal a softening labor market.

Before that, data on job openings and new jobless claims are due out this week. A softening labor market could give the Federal Reserve reason to raise interest rates by a smaller amount than it has in the recent past as it tries to tame inflation. The Fed meets in December to decide the next move on rates.

Analysts expect Friday's jobs report will show the economy added 200,000 jobs last month, which would be down from October. The unemployment rate is expected to remain the same, around 3.7%. Recent inflation data has shown the economy is cooling off. This week also features another reading on the personal consumption expenditures index, which is the Fed's preferred gauge of inflation.

On Wednesday, investors will hear from Fed Chair Jerome Powell himself. Powell is scheduled to deliver a speech at the Hutchins Center on Fiscal and Monetary Policy at Brookings, and all ears will be listening for further clues on monetary policy. 

Here are three things that could affect markets tomorrow:

1. GDP reading

The second reading of third quarter GDP is due out Wednesday at 8:30 ET (13:30 GMT). Analysts are expecting a gain of 2.7%, up from 2.6% from the previous reading.

2. Hormel earnings

Packaged meats producer Hormel Foods Corporation (NYSE:HRL) is expected to report earnings of 50 cents a share on revenue of $3.3 billion. Analysts will be listening to its outlook for commodity prices.

3. Software earnings

Salesforce Inc (NYSE:CRM) is expected to report profit of $1.22 a share on revenue of $7.8B, while Snowflake Inc (NYSE:SNOW) is expected to report earnings of 5 cents on revenue of $539 million.

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