Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Day Ahead: Top 3 Things to Watch

Published 11/07/2019, 03:47 PM
Updated 11/07/2019, 05:20 PM
© Reuters.

© Reuters.

Investing.com - Here's a preview of the top three things that could rock markets tomorrow.

1. Consumer in Focus

The economic calendar winds down on the final trading day of the week with another update on the U.S. consumer from the University of Michigan.

The University of Michigan’s preliminary November consumer sentiment index, due at 10:00 am ET, is forecast to show a reading of 95.9, up slightly from the last month's reading of 95.5, while consumer expectations data will also be in focus.

With the holidays not far away, the U.S. consumer, the backbone of the economic growth this year, is set to come under increased scrutiny.

2. Oil Rig Count Rolls In

Traders will look to the latest rig count data due Friday for insight into whether U.S. producers continue to relentlessly pump out millions of barrels of oil.

Data last week showed the number of oil and gas rigs operating in the U.S. fell by 8 to 822. The count was also down nearly 23% from a year ago.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

Fears that a slowing global economy, buffeted by trade tensions, would keep a lid on oil demand has been a big factor limiting upside in oil prices.

But with the U.S. and China inching ever closer to a trade deal, those fears have receded slightly, helping crude prices find their footing.

3. Magna Earnings Puts Autos in Focus

Magna International (NYSE:MGA), suppier of mobility technology to the automative industry, reports earnings before the opening bell.

The auto supplier's earnings will also be closely parsed at a time when a slowing global economy has stifled demand for autos, keeping production in check, particularly in North America and Europe.

During the company's post-second-quarter earnings call, Magna CFO Vince Galifi warned of further softening in North America and Europe, amid heightened macroeconomic uncertainty.

Magna is expected to report earnings of $1.34 a share on revenue $9.31 billion. Those results would be down from a year ago's earnings of $1.56 a share on revenue of $9.62 billion.

The stock was up 0.23% on Thursday and hit a 52-week high of $57.09 during the session. The shares are up 24.6% in 2019, compared with 23% for the S&P 500 index.

Latest comments

good
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.