By Dhirendra Tripathi

Investing.com – The and edged higher Thursday, and seemed on track for setting new records after just half an hour of trading.

Chip makers like NVIDIA Corporation (NASDAQ) helped big tech to make gains. After strong earnings and positive outlooks, they roared back to new heights.

A record-breaking rise in the stock of chip-making companies helped propel the Philadelphia semiconductor index to its highest level. And ongoing strong earnings by retailers such asMacy’s Inc (NYSE:) and Kohls Corp Index gains were also supported by (NYSE:) 

Investors were still unsure about what the Federal Reserve could do to reduce rising prices, and inflationary pressures remain a concern. On a positive front, the number of Americans filing for unemployment benefits fell again last week, but the pace of the decline didn’t match expectations.

There are still many unresolved issues in Washington before President Joe Biden departs for his Thanksgiving vacation. House legislators were to vote on his $1.85 billion social spending plan by Wednesday. Leaders from each party are meeting to discuss a way to raise the debt ceiling by December 1.

Biden must also pardon Thanksgiving turkeys.

These are the three factors that will impact markets tomorrow.

1. Pfizer Still hot in the headlines

Pfizer Inc (NYSE:)continues to draw the spotlight — as we await public health officials’ decision on providing boosters for all adults. To buy 10,000,000 treatment courses for its drug to treat Covid-19, the U.S. government is paying $5.29B.

Although the Food and Drug Administration is yet to approve this pill, supplies will be available once they are. It also stated that it had entered into bilateral outreach agreements with around 100 countries.

2. Macy’s earnings

Macy’s Sales and earnings both blew past estimates and the retailer raised its guidance for the full year once more, after attracting 4.4 million new customers through the three months ended October 30, on top of the 5 million it added in the second quarter. 

At the midpoint in its guidance range, the company expects full-year net revenues to reach $24.20billion. This is an increase of $23.75 billion.  The average customer spend rose by 16% in all three loyalty programs — silver, platinum and gold. Macy’s announced it would also launch a curated marketplace online to continue the improvements it made in e-commerce the last few years.  

3. Allianz Chip-Automaker

Globalfoundries Inc (NASDAQ:), made its public debut in October, and reached new highs this Thursday following the announcement of a collaboration between Ford Motor Company. (NYSE:). These companies will cooperate to develop semiconductor manufacturing technology and development in the U.S. GlobalFoundries will provide additional semiconductor supply for Ford’s existing vehicle line-up. 

Contributing to this Report was Sam Boughedda