Day Ahead: Top 3 Things to Watch
Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Fed’s Powell in the Spotlight
It’s a busy week on the economic front, with the Federal Reserve’s Beige Book coming out on Wednesday and the all-important nonfarm payrolls number arriving Friday.
And to set the stage, Fed Chairman Jerome Powell will be speaking shortly after the start of trading tomorrow.
Powell will speak at 9:45 AM ET (13:45 GMT), delivering the opening remarks to the "Conference on Monetary Policy Strategy, Tools And Communication Practices" at the Chicago Fed.
Other Fed members will also weigh in tomorrow.
New York Fed President John Williams will give opening remarks at the New York Fed’s “Building Cultural Capital in the Financial Services Industry: Emerging Practices, Risks and Opportunities" event at 8:30 AM ET.
At 3:45 PM ET, Feb Board member Lael Brainard will speak at the same Chicago conference as Powell.
2. Factory Orders Seen Falling
The latest data on factory orders will be the most closely watched economic indicator on the calendar tomorrow.
The Commerce Department will report on April factory orders at 10:00 AM ET (14:00 GMT).
On average, economists predict that factory orders fell 0.9% in April, according to forecasts compiled by Investing.com.
The numbers follow the lowest monthly ISM manufacturing PMI measure in two-and-a-half years, which was released this morning.
3. Breakfast With Tiffany’s (Earnings)
Luxury retailer Tiffany(NYSE:TIF) will issue its quarterly numbers tomorrow before the bell.
Analysts are looking for the company to earn $1.02 per share on sales of about $1 billion, according to consensus forecasts compiled by Investing.com. Both would be down from the year-ago period.
The stock is up more than 11% year to date, but is down about 5% in the last three months.
Beyond the numbers, investors will be looking for any insight on how Chinese luxury consumers are doing given the trade battle backdrop.
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