Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
1. Data Deluge Hits US Markets
A deluge of top-tier U.S. economic data is slated for Wednesday which may help turn attention to domestic issues as tentative demand returned to risk assets, supporting a bounce in US stocks.
The Commerce Department releases its report on May core durable goods orders due 08:30 am ET forecast to show a 0.5% increase. While orders for non-defense capital goods excluding aircraft – which serves as a proxy for business spending plans – is expected to show a 0.3% rise.
The preliminary report on U.S. trade balance for May due 8:30am is expected to show deficit widened to $68.90 billion.
Pending Home Sales due 10:00 am ET, meanwhile, is forecast to show 1.1% growth for May following a surprise 0.4% decline in the prior month.
While the slew of U.S. economic reports will be closely watched for signs of ongoing U.S. economic strength, any further developments on the trade tussle front will likely attract special attention.
The dollar continued to its climb Tuesday supported by a slump in the euro and weakness in the safe-haven currencies such as the yen and Swiss franc.
2. U.S. Crude Oil Supplies in Focus
A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday at 10.30 a.m. ET is expected to show crude supplies fell for a third straight week.
Analysts forecast crude inventories fell by about 2.572 million barrels in the week ended June 22. Domestic crude output – which remains at a record 10.9 million barrels per day – is also likely to garner investor attention.
Crude oil futures settled 3.6% higher at $70.53 on Tuesday as focus turned to the prospect of lower global supplies after the United States threatened "powerful" sanctions against countries that fail to halt Iranian crude imports by Nov. 4.
3. Tesla's Musk Steals Focus Away From Goldman's Bearish Update
Tesla bounced back from session lows as CEO Elon Musk piqued investor interest with an update on the upcoming production of pickup trucks.
Musk said in a tweet that the vehicle "will have dual motor all-wheel drive w crazy torque & a suspension that dynamically adjusts for load. Those will be standard."
The update from Musk overshadowed a bearish report from Goldman Sachs (NYSE:GS), claiming the electric automaker would likely miss its guidance on Model 3 production.
Goldman Sachs maintained its sell rating on Tesla on expectations that Model 3 production rates – based on VIN registrations – would average around 2,200 per week in the second quarter, below both Tesla's guidance and an elevated consensus estimate, according to media reports.
Shares of Tesla Inc (NASDAQ:TSLA) closed 2.70% higher at $342.00.