1. Facebook and Tesla Headline Earnings Card
Diving right into the earnings, the most market-moving reports could be after the close of trading tomorrow.
Facebook (NASDAQ:FB) will report postmarket, while a $5 billion settlement over privacy practices with the FTC could be announced as early as this week, according to published reports.
On average, analysts expect Facebook (NASDAQ:FB) to post a profit of $1.82 per share, with revenue of $16.5 billion, according to forecasts compiled by Investing.com.
Shares of Facebook, along with Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN) and Google parent Alphabet (NASDAQ:GOOGL) may see volatility during the day after The Wall Street Journal reported the Justice Department is formally looking into whether Big Tech companies are unlawfully stifling competition.
And always-interesting Tesla (NASDAQ:TSLA) will be reporting after the bell as well, with analysts predicting a loss of 41 cents per share on sales of about $6.5 billion. The automaker said at the start of the month it delivered 95,200 vehicles in the second quarter.
Tesla shares are off more than 22% year to date.
Before the bell, Dow components Boeing (NYSE:BA) and Caterpillar (NYSE:CAT) will issue numbers.
Boeing (NYSE:BA) is forecast to earn $1.87 per share for the quarter, with revenue of about $19.2 billion, according to analysts polled by Investing.com. Investors will be looking for any more information on the company’s grounded 737 MAX jetliner.
Analysts predict Caterpillar earned $3.12 a share, with revenue coming in at about $14.4 billion.
Also reporting ahead of trading tomorrow are AT&T (NYSE:T), General Dynamics (NYSE:GD) and United Parcel Service (NYSE:UPS).
Ford Motor (NYSE:F) is scheduled to report after the close.
2. Will New Home Sales Help Homebuilders?
After today’s disappointing existing home sales numbers, which didn’t shake the market because it underpinned reasoning for a rate cut, the latest new home sales figures arrive tomorrow.
The Commerce Department will report on sales of newly-constructed homes in June at 10:00 AM ET (14:00 GMT).
June new home sales are expected to have rebounded in June, with economists predicting a rise of 6% to an annual rate of 659,000, according to forecasts compiled by Investing.com.
3. Oil Inventories in Spotlight After Big API Draw
Oil traders will be looking tomorrow to see if U.S. crude stockpiles fell last week for a sixth-straight time as geopolitical tensions around Iran began to take a back seat.
The American Petroleum Institute’s measure of weekly stockpiles, out after the bell today, said inventories fell by a whopping 11 million barrels last week, which will have traders looking for a bullish number tomorrow.
The Energy Information Administration will report on oil inventories at 10:30 AM ET (14:30 GMT).
Traders expect that inventories fell again, with a drawdown of a little more than 4 million barrels predicted, according to forecasts compiled by Investing.com.