Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Existing Home Sales, Durable Goods on Tap
With a holiday-shortened week the economic calendar is packed tomorrow.
The highlight will likely be the latest numbers on existing home sales, which come out at 10 AM ET (15:00 GMT).
Economists, on average, expect the National Association of Realtors to report October sales of existing homes at an annual rate of 5.2 million, up slightly from the month before.
At 8:30 AM ET, the Commerce Deportment will report October durable goods numbers.
Durable goods for the month are expected to have fallen, but a rise is forecast for core durable goods orders, which exclude transportation.
At the same time, the weekly initial jobless claims arrive, a day before usual due to Thanksgiving. Claims are predicted to stay around current levels.
2. Deere Leads Brief Earnings Schedule
The earnings calendar is as light as the economic calendar is heavy. But Deere’s numbers will get plenty of attention.
The farm equipment maker is expected to post a profit of $2.44 per share on sales of about $8.6 billion.
The company’s results will also give investors a glimpse of how much the trade war with China is affecting the U.S. agriculture sector, especially soybeans, where China is a huge market.
Shares Deere (NYSE:DE) are down slightly over the last three months.
3. Rise in Oil Stockpiles Forecast
Oil took another wild ride today, with traders skeptical that OPEC can do much at all to bolster prices in the face of strong global production and potentially weakening global demand.
Prices settled nearly 7% down.
At 10:30 AM ET (15:30 GMT) tomorrow, the Energy Information Administration will release its weekly oil inventories data.
Analysts are predicting a rise in stockpiles of a little more than 2.9 million barrels, although recently there have been strong outsize builds.
"The way the market sentiment is going, I think $50 a barrel or below is happening, if not this week then next," said Tariz Zahir, managing partner at New York's Tyche Capital Advisors, who typically trades in long-dated spreads of U.S. oil. "I'm selling into any strength I see from here."
