Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Jobless Claims Expected to Rise
ADP (NASDAQ:ADP) jobs numbers were lower than expected today and tomorrow the market will get its weekly jobless claims update. All that leads up to the big employment report on Friday.
The Labor Department will report the latest claims figures at 8:30 AM ET (12:30 GMT).
Weekly claims for first-time unemployment benefits are expected to have risen to 216,000, according to economists’ forecasts compiled by Investing.com.
Also on the labor front, outplacement firm Challenger, Gray & Christmas will release its figures on March job cuts.
2. Natural Gas Stockpiles Seen Falling
Natural gas inventories are likely to garner attention in the energy complex Thursday when the Energy Information Administration is expected to report gas storage decreased by about 40 billion cubic feet.
April futures fell 0.14% to $2.67 on Wednesday and have been range-trading in recent sessions as weather-related price action tends to cool off in April, which brings an end to the heating season.
Natural gas prices have struggled to capitalize on the ongoing draw in supplies, which fell to the lowest level since 2014 in March, as production has remained elevated thanks to the U.S. shale oil revolution.
The EIA reported last month that natural gas production in the United States grew by 10 billion cubic feet per day during 2018, an 11% increase compared to the previous year.
Export-led demand has also played a factor in the uptick in production. Exports rose at an annual rate of about 20% to a record of 363 billion cubic feet in January.
Natural Gas futures are down 0.7% over the past year.
3. Corona Brewer Results on Tap
Drinks company Constellation Brands (NYSE:STZ) reports earnings before the bell tomorrow.
On average, analysts expect that the company earned $1.72 per share on sales of about $1.7 billion.
The stock is well below its 52-week high of more than $236, as its core beverage business has struggled at the same time the company continues to boost its investment in cannabis company Canopy Growth (NYSE:CGC).
Constellation said after the bell it plans to shed about 30 of its low-end wine and spirits brands for $1.7 billion.
Ford Motor (NYSE:F) will release its U.S. sales results at 9:15 AM ET (13:15 GMT), with a follow up call at 10:00 AM ET.
Among other reports, International Speedway (NASDAQ:ISCA), operator of the Daytona Speedway in Florida and 12 other tracks, is expected to report 64 cents a share in the fiscal-first quarter, down from 77 cents a share a year ago. Revenue is expected to fall 31% to $155.2 million.
And Schnitzer Steel Industries (NASDAQ:SCHN), a big player in the scrap metals markets, is expected to report earnings of 43 cents a share in the fiscal second quarter, down from 90 cents a share a year ago. Revenue is expected at $505.1 million, down 9.7% from a year ago’s $559.4 million.
The company has seen pressure on its export markets, especially China.