Day Ahead: Top 3 Things to Watch
Published Apr 30, 2019 04:55PM ET
Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Fed Expected to Keep Rates on Hold
The Federal Reserve concludes its two-day meeting on interest rates tomorrow.
The Federal Open Market Committee is widely expected to keep rates in the range of 2.25% to 2.5%, with fed funds futures pricing in a 98% chance of no move, according to Investing.com’s Fed Rate Monitor Tool.
If the FOMC makes any move this year, it’s expected to be a cut, with a more than 50% chance that rates are lower in September.
With the decision pretty much a foregone conclusion, Fed Chairman Jerome Powell’s press conference will likely have the most market-moving impact, with investors looking for how the FOMC views economic growth and inflation.
2. Apple and AMD Jump After Hours
Techs look likely to rebound from today’s losses as investors cheered two postmarket earnings reports.
Apple (NASDAQ:AAPL) beat on the top and bottom lines and guided revenue in line with forecasts. The company also boosted its quarterly dividend. Apple shares rose 5% in after-hours trading.
In the semiconductor sector, Advanced Micro Devices (NASDAQ:AMD) climbed 5% postmarket. The chipmaker reported a profit that beat expectations and revenue that was in line with expectations. Revenue guidance also matched forecasts.
3. ADP Payrolls, ISM Due
Along with the Fed tomorrow, there are plenty of economic indicators on the calendar. ADP will release its measure of private sector nonfarm employment at 8:15 AM ET (12:15 GMT). On average, economists predict that payrolls rose by 181,000 in April.
At 10:00 AM ET, the Institute of Supply Management will release its manufacturing purchasing managers index (PMI). Economists are predicting the PMI ticked down to 55 in April.
And March construction spending numbers arrive at the same time. Economists are predicting a rise of 0.3%.
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Written By: Investing.com
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