Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Durable Goods on Tap
Durable goods orders will be the focus for the market before the bell.
The Commerce Department will report April orders for goods lasting three years or more at 8:30 AM ET (14:30 GMT).
Durable goods orders are expected to have fallen 2% in April, according to economists’ forecasts compiled by Investing.com.
Core durable goods orders, which exclude autos, are predicted to have edged up 0.2%.
2. Foot Locker Profit Seen Rising
Athletic-wear retailer Foot Locker (NYSE:FL) is the earnings report of note scheduled tomorrow as earnings season enters its fallow period.
The company will report quarterly results before the bell, with analysts looking for a profit of $1.61 per share and sales of about $2.1 billion, according to forecasts compiled by Investing.com.
Quarterly comparable sale are expected to rise 5.7%, according to Briefing.com.
Last week, B. Riley upgraded the stock to buy from neutral, saying that the recent pullback in the stock made an attractive entry point for a best-in-class footwear retailer.
3. Rig Count Comes With Oil Looking at Weekly Loss
Oil took a beating today, falling nearly 6% as worries about a long-expended U.S.-China trade war combined with concerns about refinery activity to pressure the market.
American refineries have been uncharacteristically weak in their support of crude prices this year. Doing longer-than-expected plant maintenance and processing less crude than anticipated week after week, refinery owners have become a new source of frustration to oil bulls already reeling from stubbornly highly U.S. crude production.
Tomorrow the market will get another data point as Baker Hughes releases its oil rig count at 1:00 PM ET (17:00 GMT).
The number of rigs drilling fell to 802 last week from 805 the previous week.