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Day Ahead: Top 3 Things to Watch

Stock Markets Oct 01, 2019 05:25PM ET
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Investing.com – Here's a preview of the top 3 things that could rock markets tomorrow.

1. U.S. Private Jobs in Focus

Ahead of Friday’s nonfarm payrolls due Friday, traders will look to ADP’s measure of private-sector employment for a readthrough on the labor market.

The report comes at 8:15 AM ET (12:15 GMT).

Economists, on average, expect that private nonfarm payrolls rose by 140,000 last month, down from a gain of 195,000 in August.

Fed speak is also on the calendar with Philadelphia Fed President Patrick Harker set to deliver a speech at 9 AM ET.

2. Crude Inventories to Build for Third-Straight Week?

The Energy Information Administration (EIA) releases its petroleum report on Wednesday, with economists expecting a third-consecutive build in domestic crude supplies.

The EIA is expected to report a build in crude stockpiles of about 1.57 million barrels.

Crude oil futures gave up gains to settle at $53.62 a barrel, down 0.8% despite reports that production in the U.S. and Russia declined during the third quarter.

Many analysts have downplayed expectations for a ramp-up in oil prices, as Saudi Arabia has restored capacity following the Sept. 14 attack, which reportedly forced the kingdom to shut down half of its crude production, or roughly 5.7 million barrels a day.

3. Bed Bath & Beyond; Lennar Earnings in Focus

Bed Bath & Beyond (NASDAQ:BBBY) is set to report earnings after markets close on Wednesday. The company has rung the changes at both board and management level amid pressure from activist investors. There's speculation a new CEO could be announced tomorrow as well.

But the changes have done little to boost investor optimism, with analysts expecting the company to reap the benefits over the next two years rather than in the immediate short term.

Wedbush said it expects earnings to stabilize, or even grow, over the next two years as the company implements a host of changes, including store remodels, private-label brand launches and the sale of non-core assets and real estate.

“Second quarter results are likely to fall short of consensus expectations that are not aligned with company guidance, and 2019 guidance could be withdrawn as the company clears inventory, digests list 4 tariffs (the fourth list of good from China subject to tariffs) and gives the new CEO time to evaluate the business,” Wedbush said.

The company is expected to report earnings of 29 cents on revenue of $2.76 billion, according to consensus estimates from Investing.com.

In the housing sector, Lennar (NYSE:LEN) will report earnings before the market opens, with analysts expecting earnings of $1.32 on revenue of $5.48 billion.

Home-buying has been supported by a favorable backdrop of low mortgage rates after the Fed cut its benchmark rate twice this year.

Day Ahead: Top 3 Things to Watch
 

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