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Day Ahead: Top 3 Things to Watch for Feb. 27

Stock MarketsFeb 26, 2020 06:53PM ET
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© Reuters.

By Kim Khan

Investing.com - Stocks looked like they could stage a comeback when trading started today, but coronavirus headlines showed again how fragile demand for shares is.

Tomorrow there will be data on consumer demand for durable goods and the latest numbers on homes expected to be sold.

Best Buy and Beyond Meat lead the earnings calendar.

And bulls will be hoping for any signs from Federal Reserve speakers that the FOMC is prepared to lend a hand.

Here are three things that could move the markets tomorrow.

1. Durable Goods, Pending Home Sales Arrive

The latest durable goods orders will arrive at 8:30 AM ET (13:30 GMT) tomorrow.

Economists expect the Commerce Department to report that orders for long-lasting goods fell 1.5% in January, according to forecasts compiled by Investing.com.Core durable goods orders, which exclude autos, are expected to have risen 0.2%.

At the same time the second estimate of fourth-quarter GDP will be released, with economists expecting it to stay at the initial measure of 2.1% annual growth.

And weekly initial jobless claims are seen edging up to 212,000 from 210,000 the week before.

At 10:00 AM ET, the National Association of Realtors will release its January data on homes under contract.

Pending home sales are expected to have risen 2.2% last month.

2. Will Earnings B Good?

Best Buy (NYSE:BBY) will keep the retail earnings parade going tomorrow, with the big box electronics chain issuing results ahead of trading.

Analysts predict that Best Buy will report a profit of $2.75 per share and sales of about $15 billion, according to forecasts compiled by Investing.com.

After the bell Beyond Meat (NASDAQ:BYND) will weigh in.

It’s expected to report earnings of 1 cent per share and sales of about $81.2 million.

The stock has been one of the high flyers this year, rising about 49% so far. It’s been benefitting not just from its own good news, but any good headlines for rival Impossible Foods, with investors betting on plant-based meat alternatives as a whole.

Today, Starbucks (NASDAQ:SBUX) said it would launch a Beyond breakfast sandwich in Canada.

McDonald’s (NYSE:MCD) is testing Beyond Burgers in certain markets and a full rollout would bring $227 million to $306 million in incremental sales to Beyond Meat (NASDAQ:BYND), Bernstein said earlier this month.

3. Market Still Hoping for Fed Clues

In the face of constant selling pressure, many investors are hoping the Fed will ride to the rescue (inter-meeting rate cuts are possible), or at least do some jawboning to boost hopes of easing as early as March.

The bond market is indicating lower interest rates ahead, but so far Fed speakers have been preaching from the too-early-to-tell hymnal. But pressure is growing, so a veiled hint isn’t out of the realm of possibility.

Tomorrow, Chicago Fed President Charles Evans will speak at 11:30 AM ET (16:30 GMT).

Evans will give the keynote address at the Global Interdependence Center Members Delegation Event in Mexico City.

Cleveland Fed President Loretta Mester will speak twice at the Women in Economics Symposium at the Cleveland Fed on panels at 3:30 PM ET and 7:00 PM ET.

Day Ahead: Top 3 Things to Watch for Feb. 27
 

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