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Day Ahead: Top 3 Things to Watch for May 14

Stock MarketsMay 13, 2020 05:42PM ET
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© Reuters.

By Kim Khan

Investing.com - Stocks ended sharply lower today with the dour assessment of the economy from Fed Chief Jerome Powell hanging like a dark cloud over Wall Street from the opening bell.

Bulls will be hoping that tomorrow employment data will show continued improvement to counter the nervousness about the reopening of local economies across the country.

Along with the weekly unemployment figures, there will be earnings from the chip equipment sector and yet more insight from Fed officials.

Here are three things that could move the markets tomorrow.

1. Jobless Claims Expected to Dip From Last Week

While the numbers of newly unemployed are still increasing, those long the market will be looking for the trend of diminishing gains to continue.

The Labor Department will issue its report on weekly jobless claims at 8:30 AM ET (12:30 GMT).

Claims for first-time unemployment benefits are expected to come in at 2.5 million, down from about 3.17 million the week before.

This week Goldman Sachs (NYSE:GS) analysts revised their peak estimate for the U.S. jobless rate to 25%, up from 15%.

2. Applied Materials to Report

Tech stocks have lost some of their momentum in trading this week. But tomorrow investors will get some numbers from the semiconductor sector that could give investors more clarity.

Chip equipment maker Applied Materials (NASDAQ:AMAT) will report earnings after the bell.

On Monday B. Riley FBR boosted its price target on the stock to $56 from $53, but was cautious on upcoming results.

“(W)e expect AMAT to follow ASML, (KLA-Tencor (NASDAQ:KLAC)) and (Lam Research (NASDAQ:LRCX)) in noting a constructive (calendar 2020) outlook overall, but we suspect the spending view could tick down from $57.5B toward $52.5B to $55.0B to account for selectively reduced forecasts and potential for others to drift into (2021) as (Intel (NASDAQ:INTC)) warned,” analyst Craig Ellis said in a research note, according to Briefing.com.

Applied Materials is expected to report a profit of 94 cents per share on revenue of about $4.1 billion, according to forecasts compiled by Investing.com.

The company withdrew its guidance due to the Covid-19 pandemic on March 23.

3. More From the Fed Heads

It’s been an exciting week for Fed followers and there’s more to come tomorrow as two more Fed officials will be speaking.

At 1:00 PM ET (17:00 GMT) Minneapolis Fed President Neel Kashkari will participate in discussion on “Our Economy and Health in Crisis”.

You can watch the discussion here.

At 6:00 PM ET (22:00 GMT), Dallas Fed President Robert Kaplan will participate in a panel discussion and Q&A with Dallas Mayor Eric Johnson.

Day Ahead: Top 3 Things to Watch for May 14
 

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Comments (10)
Ken Chao
Ken Chao May 14, 2020 5:04AM ET
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the market tended to drop whenever FED chief speak! he is too candid on everything, why reveal no negative rate? it is not calming down market at all, in fact, it is negative!
Paul Schumi
Philo2 May 13, 2020 10:09PM ET
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I had a headache, and now its gone...thanks Remdesivir!
Irvin Mermelstein
Irvin Mermelstein May 13, 2020 9:36PM ET
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Jay Powell didn't he memo. Republicans in Congress are raising deficit issues arising from all the stimulus and monetary issues about unlimited QE. What the market priced in from Powell is old news. The market has priced in a V shape recovery and return of 75% of unemployed workers to their old jobs. All wishful thinking.
Cornel Pod
Cornel Pod May 13, 2020 9:36PM ET
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Worse than fighting the Fed is fighting the gov. Always a mistake.
Anna Phillips
Anna Phillips May 13, 2020 9:36PM ET
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what should they do? let it all go to ********
Linds Lilie
Linds Lilie May 13, 2020 9:03PM ET
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bull market to get back losts....
Bao Quoc Vu
Bao Quoc Vu May 13, 2020 8:08PM ET
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RALLY TRAP!
Alvin Lee
Alvin Lee May 13, 2020 7:17PM ET
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B U L L M A R K E T
Jerry Chinweze
Jerry Chinweze May 13, 2020 7:13PM ET
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Relax bulls, it was Algos overeacting to the feds. We have seen happen many times. It’s going back up tommorow!
Jeremy Williams
Jeremy Williams May 13, 2020 7:13PM ET
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I want whatever your smoking!
Noah Sloat
Noah Sloat May 13, 2020 6:44PM ET
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Just bought in 45 shares of carnival too... ouch
امیددیجی آزادمنش
امیددیجی آزادمنش May 13, 2020 6:44PM ET
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etyf
James Gomez
James Gomez May 13, 2020 6:40PM ET
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3 Top Things to Watch Tomorrow:1. Red Market2. Red Market3. *******Red Market
Nick Passarella
Nick Passarella May 13, 2020 5:57PM ET
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2 more Feds? They've done enough already! So I should sell at 1pm tomorrow!
Raymond Contee
Raymond Contee May 13, 2020 5:57PM ET
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I'm thinking the same thing. its bad enough without their pessimistic views. they have no idea how the economy will recover. all that hidges on control of virus
Steve Stiles
Steve Stiles May 13, 2020 5:57PM ET
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Good luck before 1pm, I'm hoping they spray some more cold water because I'm chomping at the bit to dump cheap SPXS calls from yesterday for bookoo bucks.
trevor hron
trevor hron May 13, 2020 5:57PM ET
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Should have sold already
 
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