Day Ahead: Top 3 Things to Watch
Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow.
1. New Home Sales Expected to Drop
Housing data is on the cards again tomorrow with the latest figures on new home sales.
The Commerce Department will report April new home sales at 10:00 AM ET (14:00 GMT).
On average, economists expect that fell 2.8% to an of 675,000, according to forecasts compiled by Investing.com.
Before that, at 9:45 AM ET, Markit will releases its preliminary purchasing managers index (PMI) readings for May.
The is seen coming in at tad lower at 52.5 and the is expected to tick up to 53.2.
As usual, at 8:30 AM ET the weekly figures on initial jobless claims arrive.
for first-time unemployment benefits are forecast to have risen slightly to 215,000.
2. Best Buy Keeps Retail Results Going
Retail earnings have been gaining the lion’s share of attention this week and more will report tomorrow.
Electronics chain Best Buy (NYSE:) is expected to report a quarterly of 87 cents per share on sales of more than $9.1 billion, according to analysts’ forecasts compiled by Investing.com.
Analysts are looking for a 1% rise in comparable sales, at the top end of the company’s own guidance of 0% to 1%, according to Briefing.com.
In April Jefferies upgraded the stock to buy from hold and was bullish on Best Buy’s In-Home Advisor service, which offer consultations to customers at their residences.
Jefferies put an $88 price tag on the stock, which closed at $69.17 today.
BJ’s Wholesale (NYSE:) will also issues tomorrow morning and medical device company Medtronic (NYSE:) is scheduled to .
3. Four Fed Speakers All Together
The minutes from the last Federal Reserve meeting, out today, backed up the narrative that the Fed is willing to be patient on rates given the tame inflation backdrop.
Patient for how long, is the question. The market is still betting on a move by year end, with the fed funds rate pricing in about a 68% that rates are lower after the December FOMC meeting, according to Investing.com’s .
And Fed members may also have differing opinions. The market will get four Fed speakers for the price of one tomorrow.
Dallas Fed President , Richmond Fed President , Atlanta Fed President and San Francisco will participate in a moderated Q&A at 1:00 PM ET (17:00 GMT).
The event is being held at the conference on “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” in Dallas.
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