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Day Ahead: Top 3 Things to Watch

Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.

1. JOLTs Data Due

Following up from last week’s employment report, the market will get the lagest figures from the Job Openings and Labor Turnover Survey (JOLTs).

The Labor Department will release its February JOLTs report at 10:00 AM ET (14:00 GMT).

On average, economists expect that job openings fell to 7.55 million, according to forecasts compiled by Investing.com.

At 6:00 AM ET, the NFIB small business optimism index is released.

Economists predict that the index ticked down slightly to 101.3 in March.

2. Oil Hits 5-Month High, API on Tap

The American Petroleum Institute's petroleum data, which showed a surprise build last week, will likely come under scrutiny on Tuesday, as some have blamed a well supplied domestic market for keeping a lid on gains in U.S. oil prices.

WTI futures hit a five-month high today, settling at $64.40, but has lagged the move in Brent crude as the U.S. remains "well supplied with its own production," said Fiona Cincotta at City Index.

Oil prices have racked up gains as fears over a glut in global supplies have eased somewhat following expectations for supply disruptions in Libya as fighting has intensified. There are also hopes that OPEC will agree to extend its production-cut accord.

"I think we are getting to a point where inventories are starting to stabilize, but they are still above what I would call a normal level," Saudi energy minister Khalid al-Falih said Monday during the Gulf Intelligence Forum in Riyadh.

Falih also touted Asia as a hotspot for medium-term oil demand growth.

"The underlying drivers for oil will be there, (with) people moving from rural to big cities, that's not going to be dented significantly by GDP growth," he added.

3. WD-40 to Report Results

It’s not the biggest company for investors, but almost everyone deals with it.

WD-40 (NASDAQ:WDFC) reports fiscal second-quarter earnings Tuesday morning and analysts polled by Investing.com are expecting $1.12 a share, up from $1.05 a year ago. Revenue is projected at $104.1 million, up 3.1% a year ago. WD-40 is best-known for the eponymous product everyone sprays on hard-to-loosen nuts and bolts and the like.

Technically, WD-40 makes maintenance products, and the company says, “We live under the sinks, in the garages and in the toolboxes of the world.” In fact, WD-40 is sold in some 176 countries through mass retail and home center stores, warehouse club stores, grocery stores, hardware stores, automotive parts outlets, sport retailers, independent bike dealers, online retailers and industrial distributors and suppliers.

The San Diego company’s shares are down 7.4% this year as of Monday’s close, but they were up 55% in 2018 and even hit a 52-week high of $187.50 on Dec. 24, a day the stock market was cratering.

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