Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
1. Jobless Claims, Housing Data, Fed Speakers on Tap
The Labor Department releases its weekly count of the number of individuals who filed for unemployment insurance due 08:30 am ET for the week ended May 18, expected to show jobless claims fell to 220,000 from 222,000 the prior week.
The Bloomberg Consumer Confidence Index due 9:45AM ET – which measures views on the condition of the U.S. economy, personal finances and the buying climate – will also be closely monitored.
Existing Home Sales due 10:00AM ET for April is expected to show a decline of 0.2% for April to 5.56 million units from 5.60 million units the prior month.
Federal Reserve officials will continue to chime in with speeches that could offer clues on U.S. monetary policy.
Speeches by FOMC Member Raphael Bostic at 10:35AM ET and FOMC Member Patrick Harker at 2:00PM ET will be closely watched after the Federal Reserve’s minutes showed policymakers continued to view gradual rate hikes as appropriate.
The dollar hit a sixth-month high on Wednesday supported by a slump in EUR/USD, GBP/USD slumped.
2. Natural Gas Inventories, Crude Oil in Focus
Natural gas prices rose on Wednesday ahead of data expected to show an increase in natural gas storage for the fourth week in a row.
The Energy Information Agency’s weekly natural gas storage report is expected show gas storage rose by 92 billion cubic feet last week.
Following the rally into settlement on Wednesday, crude oil prices will likely remain in focus after U.S. government data showed US supplies unexpected surged last week.
That was in contrast to the weekly industry report from the American Petroleum Institute on Tuesday showing a draw in crude supplies.
Crude futures settled 36 cents higher at $71.84 a barrel.
3. Best Buy Q1 Earnings Eyed
Best Buy releases its quarterly results before the opening bell on Thursday, May 24.
Analysts expect the durable goods retailer to post first quarter earnings of $0.74 per share on revenue of $8.73 billion.
Same-store sales will be one the key metrics watched by market participants amid expectations that efforts to increase e-commerce may have weighed on the company’s margins and reduced traffic.
Same-store sales are expected to rise 2.6%.
Best Buy has trickled lower heading into its earnings report as traders appeared to take profit on recent gains after the stock rose to an all-time high last week.
Shares of Best Buy Co Inc (NYSE:BBY) closed 0.52% higher at $75.86.