Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. ADP Payrolls, ISM Services on Tap
As we near the monthly payroll report, the market gets its first batch of private sector jobs data tomorrow.
On average, economists expect that 184,000 private-sector jobs were added last month, about the same as were added in February, according to forecasts compiled by Investing.com.
At 10:00 AM ET, the Institute of Supply Management will release its measure of services activity for March.
The ISM non-manufacturing purchasing manager’s index (PMI) is predicted to have fallen to 58.1
Markit will report its final measure of U.S. services activity in March at 9:45 AM ET. Economists predict it remains at 54.8, the same as the preliminary measure.
2. Speed Bumps Ahead for Surging Oil Prices?
Ahead of the Energy Information Administration (EIA) petroleum report due Wednesday, investors got an early insight into weekly U.S. supplies, showing a build.
The American Petroleum Institute released data Tuesday that, while not perfectly correlated with the EIA's report, often serves as an early indication of weekly petroleum levels. The API showed weekly crude stockpiles rose by 2.963 million barrels last week. That was the second-consecutive weekly build.
Crude bulls will be hoping for better news from the EIA's report, with economists predicting supplies fell 0.425 million barrels for the week ended March. 29.
Crude production will also garner attention after the EIA reported last week that output remained at a record 12.1 million barrels a day in its previous report.
Crude oil futures settled 1.6% higher at $62.58, a fresh high for the year, thanks to declining production from OPEC and its allies such as Russia.
"OPEC, and Saudi Arabia in particular, are intentionally keeping the oil supply tight ... as a result, prices are rising,” Commerzbank (DE:CBKG) said in a note.
3. GameStop Plunges Postmarket
Videogame stocks could be active tomorrow after GameStop plunged in postmarket trading today.
GameStop (NYSE:GME) lost 8% after hours following mixed quarterly results (beating on profit and missing on sales) and downside guidance.
For its fiscal first quarter, the game retailer said it now expects, at best, to break even and could lose as much as 5 cents per share, well below the consensus of a profit of 27 cents per share from S&P Capital IQ.
Before the bell tomorrow, retailer Signet Jewelers (NYSE:SIG) will report numbers for the three months ended January, its all-important holiday quarter.
Analyst are expecting a profit of $3.82 per share on sales of $2.14 billion, according to forecasts compiled by Investing.com.
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