Day Ahead: Top 3 Things to Watch
Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Home Depot Leads Retail Earnings Parade
Retail earnings are on the cards before and after the bell, with Home Depot (NYSE:HD) topping the bill.
Weighing in before trading, the home improvement retailer is expected to have earned $2.18 per share on sales of about $26.4 billion.
Earlier this month, JP Morgan maintained its overweight rating on the stock, but lowered its quarterly comparable sales estimate to 3.7% from 4.7%.
Kohl's (NYSE:KSS) also issues results, with analyst predicting a profit of 68 cents per share on sales of about $4 billion. And discount chain TJX (NYSE:TJX) is seen earning 55 cents per share, with sales coming in at about $9.2 billion.
AutoZone (NYSE:AZO) and JC Penney (NYSE:JCP) also report before the bell
After the close of trading, Nordstrom (NYSE:JWN) is expected to post a profit of 43 cents per share, with sales coming in at about $3.6 billion.
Two weeks ago, Wedbush cut its rating on the stock to neutral from outperform and lowered its price target to $40. The stock fell below that level on May 6. It finished up 1% at $37.46 Monday but is down 19.6% this year.
2. Existing Home Sales Seen Rising
Housing data highlights the economic calendar tomorrow.
The National Association of Realtors will issue its report on April existing home sales at 10:00 AM ET (14:00 GMT).
Economists expect that sales of existing homes rose 2.7% last month to an annual rate of 5.35 million, according to forecasts compiled by Investing.com.
At 10:45 AM, Chicago Federal Reserve President Charles Evans will speak at the Financial Markets Conference in Florida.
And at noon ET, Boston Fed President Eric Rosengren will be speaking at the Economic Club of New York.
3. API Inventory Estimate Awaited
Oil prices ended mixed today as conflicting comments between Saudi Arabia and Russia left traders searching for direction.
The market will get a glimpse of what to expect from U.S. oil inventory numbers tomorrow when the American Petroleum Institute releases its estimate of crude stockpiles.
The numbers will come out at 5:30 PM ET (21:30 GMT).
Last week the API showed a very strong build of 8.6 million.
Related Articles
U.S. Commerce Department scales back restrictions on Huawei
T-Mobile's deal for Sprint gets big boost from FCC chief
Stocks - S&P Stumbles as Huawei Ban Sends Chip Stocks Spiraling Lower
