Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Day Ahead: Top 3 Things to Watch

Published 04/30/2018, 04:13 PM
Updated 04/30/2018, 04:13 PM
© Reuters.  What to watch out for in tomorrow's session

© Reuters. What to watch out for in tomorrow's session

Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow

1. ISM Manufacturing, Employment Data on Tap

A raft of top-tier economic data kicks off the new month as investors look ahead to ISM manufacturing and employment data, while the Federal Reserve Open Market Committee (FOMC) is slated to get its two-day meeting underway.

Economist forecast the U.S. ISM Manufacturing Purchasing Managers Index due 10:00 am ET to show a reading of 58.6 for April, slightly lower than the 59.3 reading seen in March. While the ISM Manufacturing Employment Index is expected to show a reading of 57.0.

The FOMC two-day meeting, meanwhile, is slated to get underway ahead of an interest rate decision on Wednesday. Inflation has neared the central bank’s target of 2% in the run up to the interest rate decision. Yet, the central bank is widely expected to leave rates unchanged.

Upbeat inflation, however, failed to support a rebound in U.S. bond yields as the 10Y US Treasury yield remained below 3%.

The dollar rose against a basket of major currencies on Monday, supported by an ongoing slump in both GBP/USD and EUR/USD.

2. API Data to Show a Surprise Build for Second Straight Week?

Traders look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute (API) due Tuesday after data last week showed an unexpected build in U.S. crude stockpiles.

The American Petroleum Institute reported last Tuesday crude oil stockpiles rose by 1.099 million barrels. The Energy Information Administration’s weekly report, however, showed a build of 2.170 million barrels, nearly double the API figure.

Crude oil futures settled higher on Monday but pared some gains heading into settlement despite the growing prospect of new U.S. sanctions against Iran.

3. Apple Earnings Eyed

Shares of Apple closed higher ahead of the release of fiscal second-quarter earnings on Tuesday as investors cheered reports that the iPhone maker is set to announce a bumper share buyback programme.

Sentiment on Apple's earnings , however, remained largely negative after a slew of downgrades from analysts, warning investors that the firm’s flagship Model X iPhone, which fetches prices upwards of $1,000, is set to report subdued performance.

In anticipation of weaker iPhone sales - which makes up the about 62% of group sales - Apple is reportedly set to soften the blow by buying back up to $100 billion of shares.

Apple is expected to report earnings of $2.70 per share on $61.19 billion in revenue.

Shares of Apple Inc (NASDAQ:AAPL) closed at $165.26, up 1.81%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.