The Conference Board's consumer confidence indicator turned out to be less than the forecasted value, which did not add confidence to investors about the pace of economic recovery.
Energy stocks tumbled after Exxon Mobil Corp (NYSE: XOM ) was dropped from the Dow Jones Industrial Average , although oil prices rose thanks to Hurricane Laura, which closed 84% of the Gulf of Mexico and the mainland % of gas producing enterprises.
Gap Inc (NYSE: GPS ) shares jumped 10% for the second day in a row thanks to its stellar Athleta brand and the potential of the yoga apparel brand.
American Airlines (NASDAQ: AAL ) fell after it said it would lay off 19,000 employees in October if the government does not extend its payroll support program. Delta Air Lines (NYSE: DAL ) rose 1.1% after it said it would take nearly 2,000 pilots on vacation in October.
Here are three things that can affect the market on Wednesday:
Reports from manufacturers of luxury goods and consumer goods
Tiffany & Co (NYSE: TIF ) is expected to report earnings per share of 19 cents on $ 794 million in sales. Its shares fell on Tuesday after Louis Vuitton (PA: LVMH ) announced that the takeover of Tiffany & Co was delayed by three months, until November 24. LVMH announced last year that it would buy the iconic American brand.
And consumer goods company Williams-Sonoma Inc (NYSE: WSM ) is expected to make good profits by self-isolating Americans at home due to Covid-19. The home goods retailer is expected to post earnings per share of 93 cents on sales of $ 1.44 billion. Its shares fell on Tuesday.
Report of manufacturers of goods for sports and leisure
Dick's Sporting Goods Inc (NYSE: DKS ), which sells a wide range of goods from baseballs to camping and hunting gear, is expected to post earnings per share of $ 1.12 on $ 2.42 billion in revenue. In July, the FBI conducted more than 3.6 million firearms inspections, the highest in a month in more than 20 years.
Data of economic statistics
Durable goods orders are due out at 08:30 am ET (12:30 GMT). Forecasts for July show a 2% increase from 3.3% in June. This would mean the third month of growth.