Day Ahead: Top 3 Things to Watch
Published May 13, 2019 05:01PM ET
Updated May 13, 2019 05:50PM ET
Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Small Business Optimism Seen Climbing
The economic calendar tomorrow kicks off with a measure of small business optimism. The NFIB small business optimism index will be released at 6:00 AM ET (10:00 GMT). On average, economists expect that the index rose to 102.3 in April, according to forecasts compiled by Investing.com.
At 8:30 AM ET, April numbers on import and export prices will be released. The import price index is expected to have risen 0.7% last month, while the export price index is forecast to have risen 0.5%.
Among Federal Reserve talk, New York Fed President John Williams will participate on a panel entitled "Past-Lessons Learned from an Evolving International Monetary System" at a conference in Zurich at 3:15 AM ET. At 12:45 PM ET, Kansas City Fed President Esther George will speak on the Fed and the economy at the Economic Club of Minnesota. And San Francisco Fed President Mary Daly will be speaking at 6:00 PM ET.
2. Cannabis Earnings Coming
Earnings season is winding down but there are still reports to keep an eye on, including Ralph Lauren (NYSE:RL) before the bell tomorrow. Analysts are predicting a profit of 89 cents per share on sales of about $1.5 billion.
After the bell two major cannabis companies will issue results.
Tilray (NASDAQ:TLRY) is forecast to post a quarterly loss of 28 cents per share, with revenue of $20.5 million. Analysts predict that Aurora Cannabis (NYSE:ACB) lost 4 cents per share and revenue of about $52 million.
3. OPEC’s Monthly Report on Tap
Oil traders will be looking out for OPEC's monthly report tomorrow for a sense of supply-demand and price direction.
The cartel is expected to try and make a strong case to continue with the production cuts it has carried out since the winter as dominant member Saudi Arabia shows it isn’t in any mood to give up the current high prices on crude.
One way for OPEC to achieve its aim is to acknowledge lower production by the group due to outages in Iran, Venezuela and Libya, while forecasting higher non-OPEC supply and lower global demand for its oil.
After the bell the American Petroleum Institute will release its estimate of U.S. crude inventories. The API estimated a rise of about 2.8 million barrels last week.
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Written By: Investing.com
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