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Day Ahead: Top 3 Things to Watch for Jan. 24

Stock MarketsJan 23, 2020 07:45PM ET
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© Reuters.

By Kim Khan

Investing.com - Here are three things that could rock the market tomorrow.

1. Amex Rounding out Financial Earnings

The earnings parade slows down tomorrow, but it doesn’t stop.

Some big names are issuing numbers ahead of the opening bell.

American Express (NYSE:AXP) is expected to report a profit of $2.01 per share on revenue of $11.37 billion, according to analysts’ forecasts compiled by Investing.com.

Baird initiated the coverage of the stock this week with a neutral rating and a price target of $124.

Communications company Ericsson (NASDAQ:ERIC) will also report, with a profit of 14 cents per share expected on revenue of $6.9 billion.

2. Markit PMI on Tap

Just after the start of trading, Markit will release its preliminary measure of U.S. productivity in January.

The preliminary Markit composite purchasing managers’ index (PMI) is expected to tick down to 52.5, according to forecasts compiled by Investing.com.

Yet both the services and manufacturing components are expected to post a small rise.

3. Oil Rig Count Comes as Prices Slide

The oil market has been a hot topic of late with geopolitics and supply-demand arguments pushing prices sharply.

Today New York-traded West Texas Intermediate, the benchmark for U.S. crude, sunk for a fourth-straight day, settling down $1.15, or 2%, at $55.59 per barrel.

Earlier in the session, WTI sunk to $54.77, its lowest since the week of Nov. 17, as traders ignored a relatively neutral weekly supply-demand report from the Energy Information Administration to focus on the potential fallout from the new coronavirus.

Tomorrow Baker Hughes will report its oil rig count, an indication of oil companies’ anticipation for higher oil prices.

Last week the oil rig count came in at 673.

Day Ahead: Top 3 Things to Watch for Jan. 24
 

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