Day Ahead: Top 3 Things to Watch
Investing.com
Published Aug 22, 2019 04:19PM ET
Updated Aug 22, 2019 05:26PM ET
Investing.com - Here’s a preview of the top three things that could rock markets tomorrow.
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1. Jackson Hole: All Eyes on Powell
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The symposium of central bankers in Jackson Hole, Wyo., kicked off Thursday, but traders have been anxiously waiting for Fed Chairman Jay Powell's speech.
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Powell's remarks, scheduled to start at 10 AM ET (14:00 GMT), will likely provide fresh clues on monetary policy measures at a time when global bond yields are on the backfoot on expectations that central banks will ramp up stimulus.
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At the same time, the Commerce Department reports new home sales in July.
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On average, economists expect that sales declined 0.2% in the month, but, on a seasonally adjusted basis, the annual rate rose to 686,000, from 646,000 in June, according to forecasts compiled by Investing.com.
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2. Oil Rig Count Rolls In
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Traders will look to the latest rig count data due Friday for clues on crude production activity following an uptick in U.S. production to 12.3 million last week.
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Data last week showed the number of oil rigs operating in the U.S. fell by 4 to 770. The number is down 11.4% from a year ago.
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The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.
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Oil prices look set to end the week up slightly as expectations that central bankers will adopt easier monetary policy measures to prevent a slowdown in the global economy have calmed fears of a deeper slip in oil demand.
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3. Footlocker Earnings Due
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Foot Locker (NYSE:FL) is expected to report earnings of 67 cents a share on revenue of $1.82 billion before markets open on Friday.
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With the U.S. consumer showing little spending restraint, market participants are closely watching whether the athletic-apparel company will rebound with an earnings beat, after unexpectedly missing estimates in the previous quarter.
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Ahead of the report, Wedbush said it expects Footlocker's quarterly performance to receive a boost from the company's product pipeline of largely outperforming brands, including Nike (NYSE:NKE), Puma and Vans.
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"After a choppy start to the year, ( Foot Locker (NYSE:FL)) management should assert confidence in the story given strong consumer demand for its products, the loyalty rollout, planned moderation in SG&A pressure and resumption of share repurchase activity," Wedbush said.
Shares were up 5.5% on Thursday but are down 22.9% this year.
Written By: Investing.com
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