Constellation Brands, Walgreens, ConAgra Foods earnings: 3 things to watch

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By Liz Moyer

Investing.com -- Stocks rallied on Wednesday, taking back earlier losses as investors got to pore over the Federal Reserve's meeting minutes from December.

Fed officials agreed that a sustained period of restrictive policy would be needed to cool "unacceptably high" inflation, the minutes said. Fed members favored a "restrictive policy stance for a sustained period," until inflation was on a sustained downward path to 2%. The officials said that was likely to take "some time."  

Investors are anticipating continued rate hikes this year, but at a slower pace. The betting is that the Fed will raise rates another quarter point at its next meeting in February, which is slower than the increase in December and the previous four meetings.

The Fed wants to tame inflation while avoiding a major recession that would result in steep job losses, though it has acknowledged that some rise in unemployment would probably be in the cards this year. Later this week will come a key report on labor: the December jobs report, which will include labor force participation and the unemployment rate. Analysts expect the economy to add 200,000 jobs, which is lower than the prior month, but a steady 3.7% unemployment rate for the month.

Factory orders and services data are also due out on Friday and could factor into future Fed moves on rates.

Here are three things that could affect markets tomorrow:

1. Constellation Brands

Spirits and beer maker Constellation Brands Inc (NYSE:STZ) is seen reporting earnings per share of $2.91 on revenue of $2.4 billion.

2. Walgreens earnings

Drug store chain Walgreens Boots Alliance Inc (NASDAQ:WBA) is seen reporting earnings per share of $1.12 on revenue of $32.8B.

3. ConAgra Foods

Packaged food provider ConAgra Foods Inc (NYSE:CAG) is expected to report earnings of 66 cents on revenue of $3.26B.