Investing.com - Here are three things that could rock the markets tomorrow.
1. Cisco, CVS Health Weigh In
Networking giant Cisco (NASDAQ:CSCO) reports quarterly results after the bell Wednesday.
Cisco is expected to report a profit of 76 cents per share on revenue of about $12 billion, according to analysts’ forecasts compiled by Investing.com.
In early January, Bank of American Merrill Lynch moved its rating on the stock to neutral from buy, nudging down its price target to $52 per share from $56.
Merrill said it saw a lack of catalysts for shares in 2020.
The stock is down more than 4% in the last six months.
Before the bell, CVS Health Corp (NYSE:CVS) will report numbers.
The company is expected to earn $1.68 per share on revenue of about $64 billion.
Like other stocks tied to healthcare, CVS will also be tethered somewhat to developments in the Democratic primaries, especially with the respect to Sen. Bernie Sanders, who is running on a platform of single-payer health care.
2. Oil Inventories Seen Rising Again
OPEC decisions and indecisions have been calling the tune for oil prices so far this week. But tomorrow will bring some fundamental trading on the weekly oil inventories numbers.
The Energy Information Administration will report the latest weekly figures at 10:30 AM (15:30 GMT).
Analysts, on average, are expecting the EIA to report a rise in inventories of about 3 million barrels, according to forecasts compiled by Investing.com.
Late today, the American Petroleum Institute said that according to its measure crude stockpiles rose by 6 million barrels for the week ended Feb. 7.
3. Powell Back for Day Two
The economic calendar is pretty bare tomorrow, but Federal Reserve Chairman Jerome Powell will be back on Capitol Hill for the second half of his semiannual Congressional testimony.
Powell will start speaking to the Senate Banking Committee at 10:00 AM ET (15:00 GMT).
Prepared remarks will be the same, so attentional will be on the question-and-answer session with lawmakers.
Investors will also be looking at results from the New Hampshire Democratic Primary.