Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Uber to Report Debut Earnings
Uber (NYSE:UBER) will issue its first earnings report as a public company after the bell tomorrow, with investors hoping some impressive number to boost the stock out of its malaise.
Share performance has disappointed since the ride-sharing company went public earlier this month, sitting 11.2% below its $45-a-share IPO price.
The IPO was another high-profile disappointment following the debut of competitor Lyft (NASDAQ:LYFT). Lyft's shares are off 21.9% from their IPO price of $72 a share.
Analysts are predicting Uber will report a quarterly loss of 78 cents per share on revenue of about $3.1 billion, according to forecasts compiled by Investing.com.
Costco Wholesale (NASDAQ:COST) will also issues results post-market.
The company is expected to report earnings of $1.82 per share on sales of about $34.7 billion. The shares are up 18.2% this year.
Before the bell, discount retailers Dollar General (NYSE:DG) and Dollar Tree (NASDAQ:DLTR) will report earnings.
2. Pending Home Sales Expected to Rise
Housing numbers arrive shortly after the start of trading tomorrow.
The National Association of Realtors will release its figures on April pending home sales at 10:00 AM ET (14:00 GMT).
On average, economists expect that pending home sales rose 0.9% last month, according to forecasts compiled by Investing.com.
Before the bell, the Labor Department will release its weekly initial jobless claims numbers.
Claims for first-time unemployment benefits are forecast to have edged up to 216,000.
3. U.S. Crude Stockpiles Set to Fall as Driving Season Starts?
The Energy Information Administration (EIA) releases its weekly petroleum report tomorrow with many keen for a change in the narrative as oil price action has been dominated by escalating U.S.-China trade tensions.
Crude oil futures fell 0.6% to $58.81 a barrel today.
China upped the ante in its ongoing trade feud with the U.S., signaling that it could block exports of rare-earth metals, vital commodities used in production across a number of U.S. sectors.
Ahead of the EIA report, the American Petroleum Institute released data estimating crude stockpiles fell by 5.265 million barrels last week.
The EIA is expected to report a draw in crude stockpiles of 857,000 barrels for the week ended May 24 that would mark the first weekly draw in three weeks.
U.S. weekly production, which remains at near record highs of 12.2 million barrels a day and has been offsetting OPEC’s ongoing output cuts somewhat, will likely also attract attention.