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Day Ahead: Top 3 Things to Watch for Jan. 8

Published 01/07/2020, 05:24 PM
Updated 01/07/2020, 05:28 PM
© Reuters.

Investing.com – Here are three things that could rock markets tomorrow.

1. Walgreens Set to Report

That sound in the distance is footsteps as the earnings parade slowly gets underway.

Dow component Walgreens Boots Alliance (NASDAQ:WBA) reports quarterly results ahead of trading tomorrow.

The drugstore chain and health company is expected to report a profit of $1.41 per share on sales of $34.6 billion, according to analysts’ forecasts compiled by Investing.com.

Quarterly comparable sales are seen up 3.7%, Briefing.com reported.

Retailer Bed Bath & Beyond (NASDAQ:BBBY) will report earnings after the bell.

Wall Street is looking for a profit of 2 cents per share on sales of $2.85 billion.

2. Private Jobs Expected to Bounce Back

Private-sector employment numbers arrive tomorrow ahead of Friday’s December jobs report.

ADP (NASDAQ:ADP) will issue its measure of December private nonfarm payrolls growth at 8:15 AM ET (13:15 GMT).

Economists are predicting a rise of 160,000 in payrolls for the month, up from the tepid rise of 67,000 seen in November.

The market is looking for about the same rise for nonfarm payrolls when the Labor Department weighs in with official figures. In November the ADP sharply undershot the government’s reported gain.

3. Oil Inventories on Tap

Profit-taking finally caught up with oil prices today as the market looked to move past some of the Iran-U.S. tensions.

Oil prices remained down late today, even after the American Petroleum Institute said its snapshot of U.S. crude inventories fell by 5.9 million barrels for last week, more than the market is expecting from the government figures.

The Energy Information Administration is expected to report a drop of about 3.6 million barrels when it issues official numbers tomorrow, according to analysts’ forecasts compiled by Investing.com.

The report arrives at 10:30 AM ET (13:30 GMT).

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