Day Ahead: Top 3 Things to Watch
Published Dec 06, 2018 04:23PM ET
Updated Dec 06, 2018 05:18PM ET
Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Nonfarm Payrolls Expected to Rise 200K
The labor report will, as usual, be the likely driver of the market tomorrow.
The Labor Department releases the November numbers at 8:30 AM ET (13:30 GMT).
On average, economists expect that nonfarm payrolls rose 200,000, down from October.
The unemployment rate is forecast to stay steady at 3.7%.
Average hourly earnings, which will be especially important for those looking at possible Federal Reserve rate hike in 2019, are expected to tick up by 0.3%.
At 10:00 AM ET, the University of Michigan will release its preliminary measure of consumer sentiment. Economists expect the index to tick down to 97.1.
2. OPEC Decision in Question
Oil traders will be closely watching to see if OPEC and Russia agree to a production cut tomorrow.
Crude oil fell today as a tumble in equities and hesitance from Russia to back any supply reduction hurt sentiment.
The United States, Saudi Arabia and Russia have raised their oil production to record highs in recent months, turning out about 11 million barrels per day of oil.
"(T)he market's attention is totally on OPEC," said Tariq Zahir, managing member at Tyche Capital Advisors, an oil-focused fund in New York. "The Russians are looking they don't want to give in to a big cut. There's also a huge risk-off on Wall Street that's adding to the heat on oil."
3. Big Lots Reports Earnings
Although the earnings calendar is almost empty tomorrow, there are still some more retail numbers to be had.
Big Lots (NYSE:BIG) reports before the bell, with analysts predicting a loss of a penny per share on sales of more than $1.1 billion.
Shares have been volatile, but the stock is down in the last three months.
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Written By: Investing.com
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