Day Ahead: Top 3 Things to Watch for March 24

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Investing.com – The broader market was a good barometer today for what investors will be looking for Tuesday.

Any hint of action from the federal government was bullish (although that term is relative given the magnitude of selloffs Wall Street is seeing).

The focus remains on a stimulus package that would see stricken industries helped out and checks mailed to taxpayers.

We’ll also see manufacturing and services economic data and earnings from Nike .

Here are three things that could move the markets tomorrow.

1, Congressional Stimulus Package in Focus Again

While another rescue plan from the Federal Reserve to ensure liquidity in the financial markets was initially greeted by equity buying, that enthusiasm faded as the Senate was unable to agree on a stimulus package.

Republicans and Democrats remain at loggerheads about the details of a package of about $2 trillion to help businesses and individuals.

A procedural vote failed again, so the major indexes could be tethered to any headlines out of Capitol Hill tomorrow.

Senate Majority Leader Mitch McConnell said that further delay could mean a package would be delayed until Friday, according to published reports.

2. March PMIs Arrive

Manufacturing and services activity in Europe and the U.S. highlight the economic calendar for tomorrow.

The eurozone numbers arrive at 9 AM GMT.

The March Markit manufacturing purchasing managers’ index (PMI) is expected to come in at 39, according to economists’ forecasts compiled by Investing.com. The services PMI is also expected to have dropped to 39, while the composite PMI is seen 38.8.

The U.S. numbers are due to be released at 9:45 AM ET (13:45 GMT).

March’s manufacturing PMI is expected to have fallen to 42.8, with the services PMI forecast to come in at 42.

At 10:00 AM ET, February new home sales numbers arrive.Sales of new homes are expected to have dropped 2% in February to an annual rate of 750,000.

3. Nike to Report With Stores Shut

Nike (NYSE:NKE) is still scheduled to report earnings after the market closes tomorrow and could give investors a snapshot of how things are faring in retail and apparel.

The company is expected to report a profit of 61 cents per share, down from 68 cents per share in the year-ago quarter, according to analysts’ forecasts compiled by Investing.com. But sales are seen rising to about $9.9 billion from $9.61 billion.

On March 15, Nike made the decision to close its stores in multiple countries, including the U.S., Canada, Western Europe, Australia and New Zealand.

But it is still selling goods on its website and its apps, which could provide insight into how online retail is holding up for more discretionary goods.

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