Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Private Sector Jobs, Services Activity in Focus
The U.S. labor market and services sectors will be in focus on Wednesday, with the release of ADP’s measure of private-sector employment and the ISM's non-manufacturing index.
The ADP report is due at 8:15 AM ET (13:15 GMT).
Economists, on average, expect that private nonfarm payrolls rose by 140,000 last month, up from 125,000 in October.
The update on the private labor market comes just days ahead of Friday's nonfarm payrolls report.
An ISM survey on the service sector activity, meanwhile, is slated for 10:00 AM ET (15:00 GMT)
Economists forecast that ISM non-manufacturing data for November will show a slight downtick to a reading of 54.5 from 54.7 previously. However, a reading above 50 means the sector is still growing.
2. Crude Inventories Data in Spotlight
The Energy Information Administration (EIA) releases its petroleum report on Wednesday.
The EIA is expected to report a draw in crude stockpiles of about 1.73 million barrels.
Crude oil futures settled up 14 cents to settle at $56.10 in a choppy session as traders weighed fading hopes of a U.S.-China trade deal against expectations for OPEC to announce cuts at a meeting later this week.
"The global oil supply-demand balance requires an extension of the current OPEC+ cuts," Goldman Sachs said.
Ahead of the EIA report, the American Petroleum Institute released data, which, while not perfectly correlated with the EIA's report often serves as an early indication of weekly petroleum levels, that showed weekly crude stockpiles fell by 3.7 million barrels last week
3. Campbell Soup Earnings Due
Campbell Soup (NYSE:CPB) reports earnings before the opening bell Wednesday.
Ahead of the report, some on Wall Street have warned that sales may fall short of expectations as a later date for Thanksgiving and the sale of its U.K. snacks segment will likely keep a lid on growth.
"We think net sales may trail consensus given the impact of a later Thanksgiving on soup shipments," Wells Fargo said in a note to clients.
Campbell Soup is expected to report earnings of 72 cents a share on revenue of $2.2 billion. That would be down from 79 cents a share in earnings on revenue of $2.69 billion in the year ago quarter.
Shares were up 0.9% on Tuesday and are up 44.2% this year.