By Dhirendra Tripathi

Investing.com — Bank stocks fueled the market’s rise on Monday, when President Joe Biden announced that he will nominate Federal Reserve Chairman Jerome Powell for a second term. The broad market lost some of its gains as the trading ended.

Biden’s move is awaited for many weeks. This means Biden will chart a steady path through the economic reopening. He prefers continuity over Lael Brainard who was thought by liberal progressives to be more to his liking. 

The prospect of rising interest rates as the Fed attempts to control inflation in the economy pushed bank stocks higher. Tech stocks, however, fell even when the wider index rose.

Biden’s choice in Powell was greeted favorably by investors. Investors was pleased that the President has yet to nominate Powell to the Fed and is able to stamp his own mark on the institution, regardless of whether Powell was appointed to the post by his predecessor.

Brainard, who is currently a governor on the Fed’s board, will be nominated as vice chair. While some in the Senate said they wouldn’t support Powell’s nomination, the two are expected to get through confirmation without much of a battle. 

This week will be full of important economic information for investors. It is abbreviated due to the American Thanksgiving holiday on Thursday. Wednesday is the due date for publication of minutes from Fed’s last meeting.

Three things could have an impact on markets tomorrow:

1. Zoom Video earnings

Pandemic stock Zoom Video Communications Inc (NASDAQ:) is expected to report adjusted profit per share of $1.09 in the third quarter after today’s closing bell. Investing.com has tracked the forecast for revenue at $1.02 trillion. Investors will be listening for the company’s outlook considering people are returning to office settings and may not have the need for so much videoconferencing.

2. Medtronic Earnings

Medtronic PLC (NYSE:)’s second-quarter revenue is seen at $7.98 billion, with adjusted EPS coming in at $1.29. While the company is poised for a rebound in elective surgeries and a rising number of Covid cases, it could be hampered by a recent spike in Covid.

3. Tesla tweets

Tesla Inc (NASDAQ:)rose on Monday after CEO Elon Musk tweeted the company’s Model S Plaid is expected to hit the Chinese market “around March.” The world’s second largest economy is the company’s biggest market outside the U.S. and it is also an export hub for the EV-maker. 

Tesla unveiled the Model S Plaid last June. The sedan claims to have the best acceleration and range, reaching 60 mph in a mere 1.99 second.