Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
US GDP to show rebound in second quarter?
The U.S. economy is expected to show an improvement in the second-quarter, with the release of preliminary GDP figures due Friday, as economist forecast GDP grew at an annualised rate of 2.5% in the second quarter from the first, when it increased just 1.4%.
The GDP data comes a few days after the Federal Reserve stood pat on interest rates, leaving its benchmark rate at a target of 1.00-1.25% while expressing concerns about the slowdown in inflation.
Following the release of GDP data, investors are expected to carefully monitor movements in the dollar against its rivals, after it rebounded from 14-month lows on Thursday.
Slowdown in US rigs to continue?
The weekly instalment of drilling activity from Baker Hughes on Friday, will provide investors with fresh insight into U.S. oil production and demand, after the number of active drilling rigs has slowed in recent weeks.
The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.
At Thursday’s settlement price, crude futures remained on track to post a third-straight week of gains, on the back of bullish U.S. crude inventory data showing supplies dropped for a fourth-straight week.
Exxon Mobil earnings on tap
Exxon Mobil (NYSE:XOM), is set to release its second quarter results before U.S. markets open on Friday.
The oil major is expected to report a dip in earnings and free cash flow amid lower upstream earnings, following a slump in oil prices in the second-quarter.
In the second-quarter of the year, crude prices averaged $48.24 a barrel, falling from $51.77 a barrel in the first quarter, as investors continue to fret about surplus crude supplies in the market.
For the second quarter, Exxon Mobil is expected to report earnings of $0.83 per share, up from $0.41 in Q2 2016, on revenue of $61.16 billion.