U.S. Markets closed

Day Ahead: Top 3 Things to Watch

What to watch out for in tomorrow's session

Investing.com - Here's a preview of the top 3 things that could rock markets tomorrow.

1. Durable Goods, Sentiment Data, Powell in Play

As geopolitical tensions continued to grip market focus, a slew of U.S. economic data could prove a timely distraction in what is expected to be subdued day ahead of a three-day weekend in the US.

The Commerce Department released its preliminary report on April core durable goods orders due 08:30 am ET expected to show the 0.5% rise.

Michigan’s consumer expectations Index due 10:00 am, is expected to show a reading of 86.9 for May, while consumer sentiment is forecast to show a reading of 98.8 unchanged from the previous month.

A speech by Fed chair Powell will likely garner special attention following the release of dovish fed minutes on Wednesday. The Federal Reserve’s minutes showed policymakers were content with inflation temporarily overshooting the 2% target.

Speeches by FOMC Member Raphael Bostic at 11:45AM ET and FOMC Member Robert Kaplan will also be in focus.

The dollar fell on Thursday amid a slump in U.S. bond yields as expectations for a faster pace of rate hikes cooled.

2. Foot Locker Earnings Eyed

Foot Locker is slated to release first-quarter earnings before U.S. markets open on Friday amid expectations that a stronger domestic performance from Nike (NYSE:NKE) bolstered the sports retailer’s same-store sales.

Foot Locker is expected to report earnings of $1.25 per share on $1.96 billion revenue.

Investors are also likely to zone in on whether the firm altered its guidance of delivering flat to slightly positive same-store sales in the second quarter.

Shares of Foot Locker Inc (NYSE:FL) closed 3.02% higher at $46.39.

3. US Rig Count Data to Ramp Up Pressure on Oil Prices?

The weekly instalment of drilling activity from Baker Hughes on Friday, will provide investors with fresh insight into U.S. oil production and demand.

Data last week showed the number of U.S. oil rigs steadied after rising for five weeks in a row.

Oil prices are in retreat mode so far this week as concerns OPEC may lift output to counter a possible shortage in global supplies drew selling pressure which saw Brent crude prices fall below $80 a barrel.

The unexpected build in U.S. crude supplies reported on Wednesday also weighed on sentiment.

Crude futures settled lower on Thursday, threatening to snap their three-week winning streak.

Related Articles

Miner Grupo Mexico blames freight train derailments on 'sabotage'

Audi CEO says diesel crisis not over and vows to stay on: report

U.S. reaches deal to keep China's ZTE in business: congressional aide