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Day Ahead: Top 3 Things to Watch for April 15

Stock MarketsApr 14, 2020 05:12PM ET
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© Reuters.

By Kim Khan

Investing.com - Wall Street shrugged off the more granular numbers to focus on the future again today.

The major indexes all rose sharply, despite sharp drops in profit from major banks to kick off earnings season.

But the “current relief rally might end up faded if there is a (second) wave of infections, and if recession lingers,” J.P. Morgan said in a note. “Bond yields are likely to stay subdued for longer on further QE and very weak activity prints.”

More bank quarterly earnings come tomorrow, while more dour economic data is also expected. And oil inventories will be reported after a punishing day for crude.

Here are three things that could move the markets tomorrow.

1. More Results From Big Banks Arrive

Financial earnings continue ahead of trading Wednesday. The sector struggled today after JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) reported losses after setting aside large amounts to cover the high number of expected loan defaults due to the economic lockdown.

Goldman Sachs (NYSE:GS) will be reporting, with analysts predicting a profit of $3.75 per share on revenue of about $8.5 billion, according to forecasts compiled by Investing.com.

One highlight for Goldman could be trading revenue, with volatility in markets increasing sharply in reaction to the pandemic.

Citigroup (NYSE:C) will weigh in, with analysts looking for earnings of $1.59 per share and revenue of about $19 billion.

“Along with the bottom-line numbers, investors will also be eyeing Citigroup’s efficiency ratio, or expenses as a percentage of revenue,” Investing.com’s Haris Anwar said. “This metric has come in at less than 60% for the past four years, making Citi the only major global bank able to maintain such a winning streak.”

Bank of America (NYSE:BAC) is also on the calendar.

BofA is seen earning 59 cents per share, with revenue coming in at about $22.7 billion.

After the bell, retailer Bed Bath & Beyond (NASDAQ:BBBY) will issue numbers. The struggling retailer has seen shares fall nearly 70% year to date.

2. Big Drop in March Retail Sales Seen

The economic calendar is also busy tomorrow, with last month’s retail sales numbers taking the spotlight.

The Commerce Department reports the latest figures at 8:30 AM ET (12:30 GMT).

March retail sales are expected to have dropped 8%, while core retail sales, which exclude auto sales, are seen posting a drop of 4.8%, according to economists’ forecasts compiled by Investing.com.

The headline drop would be the largest drop recorded by far.

“No, hoarding of toilet paper and hand sanitizer does not begin offset the blow of lost paychecks and shutting much of retail down,” Grant Thornton Chief Economist Diane Swonk tweeted.

At the same time the New York Federal Reserve will report the April Empire State Manufacturing index.

Economists are looking for a reading of -35, close to its lowest level of -38.2 during the Financial Crisis.

At 9:15 AM ET, the Federal Reserve will report on March industrial production, expected to have fallen 4%, and capacity utilization, expected to have ticked down to 73.8%.

3. Inventories on Tap After Oil Prices Tank

Oil prices were slammed as the market saw more evidence of how hard it is to coordinate oil production cuts, this time with Texas adding some confusion into how much the U.S. may be adding to global cuts.

Tomorrow, the official weekly government oil inventory numbers are released.

The Energy Information Administration is expected to report that U.S. crude stockpiles rose by 11.7 million barrels last week, after having risen 30.6 million barrels over the past three weeks.

Gasoline stockpiles are expected to have gained by 6.4 million barrels last week, after a net build of 16.5 million barrels over three weeks.

The American Petroleum Institute said today its measure of crude inventories for the week ended April 10 jumped by 13.1 million barrels.

Day Ahead: Top 3 Things to Watch for April 15
 

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Comments (13)
Joshhua Ray
Joshhua Ray Apr 15, 2020 2:11AM ET
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Truist 💪🚀
Ali Bransford
Ali Bransford Apr 15, 2020 1:08AM ET
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wrecked. just waiting for May to start after majority of ER are published it will all collapse on itself. AMZN Puts will have biggest moves.
Rick Lai
Rick Lai Apr 14, 2020 9:57PM ET
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All bad news will make market up again as what they happened from last three weeks.
Bonnie Ng
Bonnie Ng Apr 14, 2020 9:57PM ET
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I know right
Qasim Jamal Basra
Qasim Jamal Basra Apr 14, 2020 8:24PM ET
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where is curde oil going
Ramana Murthy
Ramana Murthy Apr 14, 2020 7:31PM ET
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markets are going to open gap down tomorrow
Samuel Hong
Samuel Hong Apr 14, 2020 7:31PM ET
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yeah
ten lee
ten lee Apr 14, 2020 7:31PM ET
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Finger cross
Super Premium
Super Premium Apr 14, 2020 7:31PM ET
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Yes but just a little :D
TeaMaker Tex
TeaMaker Tex Apr 14, 2020 7:22PM ET
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We are about a mole on a ticks back from depression. There isn't near enough money in this system to support the workers that either have been laid off or are about to be.
Brian Brooks
Brian Brooks Apr 14, 2020 7:19PM ET
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you just going to keep mentioning the same comment every couple hours or so?
TeaMaker Tex
TeaMaker Tex Apr 14, 2020 7:17PM ET
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Banks in this country have turned into an embarrassment. They need to be required to go back and just be banks. period.
Jeffrey Johnson
Jeffrey Johnson Apr 14, 2020 7:17PM ET
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will C rally tmw...? hummm
titirisca aurelian
titirisca aurelian Apr 14, 2020 7:02PM ET
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the corona situation is not green how you expect from news.NY it sais it turned the curve but the number past 200k cases.I think the market grows on lies until there will be a real solution to this issue.you can't produce millions of one time use mask each day...no tests for everyone, unemployment is high...you just eat Fed and tv positive opinions. there is no reason to be happy today
Robert DZ the patterns
Robert DZ the patterns Apr 14, 2020 6:38PM ET
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Welcome to the Twilight Zone everyone. We are all manikins now.
Rambo Money
Rambo Money Apr 14, 2020 6:32PM ET
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“Trade the charts not the news”
Mosa Saka
Mosa Saka Apr 14, 2020 6:32PM ET
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Rambo
Billy Thompson
Billy Thompson Apr 14, 2020 6:32PM ET
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More bad news. So SPY 300. Got it.
Canis Lupus
Canis_lupus Apr 14, 2020 6:02PM ET
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So let's see: 1) more banks report and is should be more bad news, 2) Retail numbers should be ugly, 3) Oil inventories still very high with no demand. Yep, sounds like another solid green day tomorrow too. Just wait until the news is good, the whole market will look like Tesla a month or two ago. Test lows? lol that's funny. We will be making new highs sooner than later.
Show previous replies (3)
Mohammad Atif
Mohammad Atif Apr 14, 2020 6:02PM ET
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if all your above points reported actual or same ... then what does its affect on paper gold future market and crude future market ? wee see them bullish or bearish after announcement ?
Mohammad Atif
Mohammad Atif Apr 14, 2020 6:02PM ET
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Mohammad Atif
Mohammad Atif Apr 14, 2020 6:02PM ET
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oil is already at bottom ... did you deserve more downward ?
Canis Lupus
Canis_lupus Apr 14, 2020 6:02PM ET
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oil has a real demand problem, even with big cuts. however, you might be right. I don't expect oil to go up, but it's downside is also limited because if cuts. Now, just have to make sure everyone actually does what they agreed to. So, oil could still go down a little, but as time goes on and everything gets back running, it should make its way higher, but slowly.
Get Sirius
Get Sirius Apr 14, 2020 6:02PM ET
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Mohammad Atif oul cut was not enough and also there is no demands but if Trump open economy I am sure oil will go up
 
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