Nike earnings, Carmax reports, Vail Resorts: 3 things to watch

Investing.com -- Stocks were wobbling on Wednesday on investor concerns about the effect of higher for longer interest rates and about what could happen should the federal government shutdown this weekend.

Lawmakers are still unable to hammer out a consensus on how to at least extend funding for short amount of time to keep the government running and give them more time to negotiate a longer-term deal. Congress has until almost midnight on Saturday to get an agreement, or a shutdown could start Sunday. That means the possible furlough of many thousands of federal workers, the closure of federal offices, disruptions to some services, and the possible closure of cultural institutions such as the Smithsonian museums. 

But investors are still focused on interest rates, after the Federal Reserve signaled it sees rates staying higher for longer than anticipated in order to fight inflation. Officials in recent days voiced their support for the Fed's recent decision to hold rates steady but signal another rate hike and then two rate cuts next year, which is half of the cuts they forecast in June.

The Fed wants to get inflation down to its 2% target rate, but higher oil prices and other challenges lie ahead. Student loan repayments resume in October, potentially taking money out of household discretionary spending budgets right before holiday shopping season. 

Here are three things that could affect markets tomorrow:

1. Nike earnings

Athletic apparel maker Nike Inc (NYSE:NKE) is expected to report earnings per share of 75 cents on revenue of $13 billion.

2. Carmax reports

The online used car retailer CarMax Inc (NYSE:KMX) is expected to report earnings per share of 74 cents on revenue of $7 billion.

3. Vail Resorts

Providing a glimpse into travel and luxury trends, Vail Resorts Inc (NYSE:MTN) is expected to report a loss of $3.32 a share on revenue of $282.9 million.