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Day Ahead: Top 3 Things to Watch for May 1

Stock MarketsApr 30, 2020 06:01PM ET
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By Kim Khan 

Investing.com - A down day for stocks got a little gloomier after the bell today as the company everyone expected to clean up during the lockdown came up a bit short.

Amazon (NASDAQ:AMZN) shares slid postmarket after its missed profit expectations. It also said it would reinvest its entire second-quarter profit, which might have some resonance for those who have been following the stock since its early days.

Earnings will be about energy tomorrow and there will be the latest numbers on rig activity.

And April manufacturing data will arrive before the bell.

Here are three things that could move the markets tomorrow.

1. Oil Megacaps Highlight Earnings

All the earnings reports will come before the bell tomorrow, as it’s a Friday. But it’s still a very busy calendar.

Oil majors will be closely watched as U.S. giants Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) report.

Both companies will be scrutinized on how they are dealing with a historic drop in demand and prices. The White House has expressed its support for the oil industry and but has yet to come up with a concrete plan of action, although the president was reportedly mulling a bailout plan presented this week.

Exxon has maintained its dividend, unlike some of its peers.

The company is expected to report a Exxon Mobil Corp (NYSE:XOM) of 4 cents per share, down from 55 cents per share in the year-ago period, on revenue of about $54.8 billion, according to analysts’ forecasts compiled by Investing.com.

Analysts are looking for Chevron to have earned 65 cents per share in the quarter, with revenue coming in at about $29.8 billion.

Consume products giant Colgate-Palmolive (NYSE:CL) will also issue numbers.

Stifel upgraded the stock to buy from hold at the end of March, saying it sees “upside risk to organic-sales growth near term, reflecting coronavirus-related buying, particularly in home care and pet nutrition”.

It's expeted to report a profit of 73 cents per share on sales of about $4 billion.

Biotech AbbVie (NYSE:ABBV) is on the schedule as well.

A profit of $2.25 per share is expected on revenue of about $8.3 billion.

2. ISM Manufacturing Seen Tumbling

Manufacturing numbers will be in focus of economic indicators tomorrow.

The Institute of Supply Management will issue its April purchasing managers’ index (PMI) at 10:00 AM ET (14:00 GMT).

The ISM manufacturing PMI is expected to have dropped to 36.9 last month from 49.1 in March, according economists’ forecasts compiled by Investing.com.

The index hit a record low below 30 in 1980.

At the same time, March construction spending will be reported, with economists predicting a drop of 3.5%.

3. Oil Rig Count on Tap

Can oil keep its big run going? WTI futures jumped another 25% today and are closing in on $20 per barrel.

But there’s still almost three weeks until the June front-month contract expires and storage worries could build as that approaches.

Tomorrow traders will get some more insight into how production may be falling in the U.S.

Baker Hughes will issue its oil rig count at 1 PM ET (17:00 GMT).

Last week the number of rigs in operation fell to 378 from 438.

Day Ahead: Top 3 Things to Watch for May 1
 

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Comments (5)
Tre Hsi
Tre Hsi May 01, 2020 6:28AM ET
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Jared Kusher the son in law SS robot is on TV telling everyone that the US economy will be rocking again by July, so nothing to worry about.....I don't see any reason not to believe him
Petter Kvamme Jensen
PKJENSEN May 01, 2020 2:52AM ET
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You wish.. oil will tumble to zero
Anthony Fernandes
Anthony Fernandes May 01, 2020 2:52AM ET
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I dont think that
Nikos PS
Nikos PS Apr 30, 2020 8:08PM ET
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great day tomorrow to buy some oil stocks after today's jump
Bra Sil
Bra Sil Apr 30, 2020 7:52PM ET
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Oil big jump tomorrow from a cliff.
Daniel Cohen
Daniel Cohen Apr 30, 2020 7:52PM ET
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Straight up into a pit of lava
Fukc Fakbuk
Fukc Fakbuk Apr 30, 2020 7:52PM ET
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wti oil was negative and these bozos were green the whole time
Jose Da Silva
Jose Da Silva Apr 30, 2020 6:32PM ET
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Oil big jump tomorrow ,,,,
Peter Straka
Peter Straka Apr 30, 2020 6:32PM ET
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dump*
Walter Scales
Walter Scales Apr 30, 2020 6:32PM ET
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Get ready for a sell guys
Maroš Varchola
Maroš Varchola Apr 30, 2020 6:32PM ET
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But why?
 
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