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Oil Stockpiles, Coke Profits, Verizon: 3 Things to Watch

Stock MarketsJul 20, 2021 04:02PM ET
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By Dhirendra Tripathi and Barani Krishnan

Investing.com -- Stocks roared back as investors took advantage of Monday’s sharp selloff to buy the dip despite ongoing concerns about the rapid spread of the coronavirus.

Monday’s slump in the three major indexes could be traced to the resurgence in Covid-19 infections  and worries it would stall the recovery. But others on Wall Street said the economy has already pivoted to an expansion phase.

Energy also recovered some of its losses from a day earlier, up more than 2% amid a tentative rebound in oil prices to just under $70 a barrel. Oil inventory data due out later Tuesday from the industry and Wednesday morning from the government could put a floor under prices if they show a continued draw down.

International Business Machines (NYSE:IBM) rose 2% after its second-quarter results topped analysts estimates, kicking off the flurry of big tech earnings reports expected out in the next few days.

Aside from earnings, it’s a fairly quiet summer week on the data front. Here are three things that could affect markets tomorrow:

1. Oil inventory

The American Petroleum Institute’s figures serve as a precursor to the official weekly inventory data due on Wednesday from the Energy Information Administration. According to a consensus of analysts tracked by Investing.com, U.S. crude inventory likely fell by 4.47 million barrels last week, versus the previous week’s drop of 7.90 million. The API data are released at 4:30 PM ET and the EIA data are released at 10:30 AM ET.

2. Soft drink earnings

Coca-Cola Co (NYSE:KO) reports Wednesday. Analysts tracked by Investing.com see it likely to report earnings per share of 56 cents on revenue of $9.3 billion for the second quarter.

3. Telecom earnings

Verizon Communications Inc (NYSE:VZ), also due out on Wednesday before the opening bell, is seen reporting a second-quarter revenue of $32.71 billion and earnings per share of $1.30. Last week, Ericsson (BS:ERICAs) said it signed its largest-ever deal with Verizon, an $8.3 billion agreement to provide 5G solutions.

 

Oil Stockpiles, Coke Profits, Verizon: 3 Things to Watch
 

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Comments (6)
Jeff Page
Jeff Page Jul 20, 2021 10:50PM ET
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oil had a build of 800k
Kenneth nelson
grasshopper Jul 20, 2021 9:01PM ET
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Hopefully Coke dumps from its too While campaign
Chinedu Obiya
Chinedu Obiya Jul 20, 2021 7:39PM ET
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very fantastic
پیمان صالحی
پیمان صالحی Jul 20, 2021 7:23PM ET
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6037697609761736
jideofor robinson
jideofor robinson Jul 20, 2021 6:50PM ET
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Nice
Jim Herndon
Jim Herndon Jul 20, 2021 6:48PM ET
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Too much information
Joel Schwartz
Joel Schwartz Jul 20, 2021 6:48PM ET
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No such thing.
 
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