Investing.com - Here's the top 3 things that could rock markets tomorrow.
1. Fed Speak, Auto Sales on Tap
There’s little top-tier data on the economic calendar for Tuesday, with a duo of Federal Reserve speakers and total U.S. vehicle sales on the agenda.
New York Fed President John Williams is set to participate in a panel discussion at a "Special High Level Event on the Global Economic and Monetary Policy Outlook" held by UBS in Zurich, Switzerland.
Cleveland Federal Reserve Bank President Loretta Mester will deliver a speech on the economic outlook at the European Economics and Financial Centre in London at 6:35 AM ET (10:35 GMT), followed by an audience Q&A.
Auto stocks could also be in focus, with the latest figures for total U.S. auto sales expected at 8:00 AM ET.
The consensus for total unit vehicle sales in June is a 17 million annual rate vs a higher-than-expected rise in May's pace to 17.3 million.
2. Crude Inventories in Spotlight
The American Petroleum Institute's petroleum data will be closely watched for signs on whether domestic crude inventories will mount a third-consecutive week of declines.
WTI crude settled at $59.09 a barrel, up 1.1%, as OPEC and its allies reportedly agreed to extend production cuts, while a U.S-China trade truce also lifted sentiment.
Russia agreed with Saudi Arabia to extend the current output-cut agreement by six to nine months, Russian President Vladimir Putin said, according to published reports.
“The G20 sideline meetings delivered two positive outcomes: the world's largest two economies resume trade talks and Russian President Putin gave the Saudis the green light to approve cuts by six to nine months," said Edward Moya, senior market analyst at Oanda in New York.
3. Acuity Brands Earnings on Deck
Acuity Brands (NYSE:AYI) is set to report its fiscal third-quarter results before U.S. markets open on Tuesday.
The company’s performance is expected to reflect the weaker backdrop in the North American lighting industry amid falling demand for luminaries and inflationary cost pressures.
The North American lighting market is expected to grow in the low-single-digit range for the remainder of fiscal and calendar year 2019, Acuity CEO Vern Nagel said in April.
The company, however, has made strides to improve demand and enhance margins by rolling out innovative lighting control solutions.
Acuity is expected to deliver earnings of $2.42 a share on revenue of $971.45 million, according to estimates from Investing.com.