Investing.com - Here are the top 3 things that could rock markets tomorrow.
Jobs Data, Fed Speakers in Spotlight
Following last week’s better-than-expected employment report, the market will get the latest 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 rose to 7.47 million in May, from 7.45 million the prior month, according to forecasts compiled by Investing.com.
Ahead of Fed Chairman Jay Powell’s two-day testimony due Wednesday, a flurry of Fed speakers will be in the spotlight as investors with many traders eager for clues on monetary policy amid fading expectations for an aggressive rate cut later this month.
St. Louis Fed President James Bullard is set to deliver remarks at 10:10 am ET, following by Federal Reserve Bank of Atlanta President Raphael Bostic and Vice Chair for Supervision Randal Quarles at 2 pm ET. Bullard wanted the Fed to cut rates at its June meeting.
A key speech comes Monday night from St. Louis Fed President James Bullard, who voted last month against the Fed decision to stand pat on rates. He wanted a rate cut then. A key speech comes Monday night from St. Louis Fed President James Bullard, who voted last month against the Fed decision to stand pat on rates. He wanted a rate cut then.
Crude Inventory Data on Tap
The American Petroleum Institute's petroleum data expected Tuesday, amid ongoing fears that a weaker global economic backdrop will hinder demand and lead to supply surplus continued.
"The outlook for oil remains tumultuous given global economic deceleration, anemic global oil demand, trade uncertainties, ascendant non-OPEC production offset by geopolitical tensions and rational OPEC+ guardianship," analysts at Simmons Energy said.
The American Petroleum Institute last week reported crude oil stockpiles rose by 5 million barrels for the week ended June 28.
Oil prices settled 0.3% higher at $57.66 a barrel.
PepsiCo (NASDAQ:PEP) Results on Tap
PepsiCo (NASDAQ:PEP) is set to release its second-quarter earnings before the markets opens tomorrow.
The snack and beverage giant is expected to release earnings of $1.50 a share on revenue of $16.43 billion, according to estimates compiled by Investing.com.
The company’s snack business, which makes nearly a quarter of total revenue, is expected to lead revenue growth, but ongoing weakness in its Quaker Foods North American will likely keep a lid on top line growth.
Quaker Foods North American sales fell 2% in the first quarter year-on-year.
During the previous quarter, PepsiCo said it expects organic revenue to grow 4% and core constant currency earnings per share to decline 1%.
PepsiCo’s shares have gained 19% thus far this year and 23% over the trailing 52 weeks.