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Day Ahead: Top 3 Things to Watch for May 15

Stock MarketsMay 14, 2020 05:41PM ET
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By Kim Khan 

Investing.com - It was quite a comeback for the Dow today as investors finally decided to dip back into financial stocks.

Bulls will hope that the same sentiment that was able to shrug off a rise of 3 million in jobless claims today will be on hand tomorrow, with more devasting data expected.

Here are three things that could move the market tomorrow.

1. Consumer in Focus

Retailers without a big online presence will be hoping measures to reopen across the country will start paying dividends quickly.

Tomorrow the market will get see what is expected to be another historically band month for sales.

The Commerce Department will report the April retail sales figures at 8:30 AM ET (12:30 GMT).

Economists expect that retail sales plunged 12% last month, according to forecasts compiled by Investing.com. That would be the biggest drop ever, taking the top spot from March’s dive of 8.4%.

Core retail sales, which exclude autos, are forecast to have dropped 8.6%, compared with a 4.2% drop in March.

There will be more shopping data when the University of Michigan issues its preliminary measure of May consumer confidence at 10:00 AM ET.

The consumer sentiment index is seen dropping to 68 from 71.8 in April.

That would still be well off the lows seen during the Financial Crisis and the early 1980s.

And the Michigan consumer expectations index is forecast to tick up to 71.8 from 70.1 last month.

2. JOLTS, Empire Manufacturing on the Cards

Along with indicators on retail there will be numbers on the labor market and manufacturing.

At 10:00 AM ET (14:00 GMT), the Labor Department will release its March Job Openings and Labor Turnover Survey (JOLTS).

Job openings, voluntary quits and hires will likely have dropped sharply.

At 8:30 AM ET, the New York Fed will release its measure of manufacturing in the region. The May Empire State Manufacturing Index is seen coming in at -63.50, up slightly from -78.20 in April.

And at 9:15 AM ET, April numbers on industrial production and capacity utilization arrive.

3. Oil Rig Count Likely to Dip Again

Oil prices settled higher thanks to some optimism on demand from the Paris-based International Energy Agency (IEA).

The specter of negative prices has receded as a drop in total U.S. crude stockpiles and inventories as the Cushing, Okla. hub eased the pressure of storage constraints.

Investors will get another glimpse of how production is faring tomorrow when Baker Hughes issues its measure of rig activity.

Last week the oil rig count dropped to 292, the first time it had fallen below 300 since the Great recession.   

Day Ahead: Top 3 Things to Watch for May 15
 

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Comments (6)
Eric Diaz Gutierrez
Eric Diaz Gutierrez May 15, 2020 1:51AM ET
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📉
Jordan Obrant
Jordan Obrant May 15, 2020 1:15AM ET
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Red
Bhavesh Rajani
Bhavesh Rajani May 15, 2020 1:15AM ET
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Do you think it’s gonna drop monday?
Kyle Mack
Kyle Mack May 15, 2020 12:39AM ET
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CONSIDER buyING NVDA , WORK,
franklin neversoy
franklin neversoy May 14, 2020 8:39PM ET
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Tomorrow be anything
Jonathan Fauxbel
Jonathan Fauxbel May 14, 2020 7:42PM ET
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joke futures big boys have been pumping and dumping. Dow fair value is mid 15000. everything is a lie big boys going to cash while retail investors are going to be burned to death
Lewis Teo
Lewis Teo May 14, 2020 7:42PM ET
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Agreed, need to be cautious
Asghar Olya
Asghar Olya May 14, 2020 7:42PM ET
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beeg
Asghar Olya
Asghar Olya May 14, 2020 7:42PM ET
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beeg
Laurentiu Costi
Laurentiu Costi May 14, 2020 7:42PM ET
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I think that today is: Game Over!...we go on very deep red next week. Be prepared! The economy is in a deep ******** Only dreamers believe that this market can go higher and higher! The Top has been reached! Amin!
Nick Burns
Nick Burns May 14, 2020 6:48PM ET
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you wrote band month of sales
 
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