Breaking News
0

Day Ahead: Top 3 Things to Watch

Stock MarketsJun 24, 2019 04:25PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - The market’s focus on interest rates is likely to continue tomorrow with Federal Reserve Chairman Jerome Powell making a public appearance so soon after his post-FOMC press conference.

It’s unlikely there will be anything new in the way of monetary policy, but there may be a few more questions about his tenure after President Donald Trump criticized the Fed again today.

Also on the rate front, the latest new home sales figures may give the market an early sign about whether the recent drop in rates has spurred residential buying.

Here's the top three things that could rock markets tomorrow.

1. New Home Sales Expected to Rebound; Consumer Confidence to Slow

New home sales and consumer confidence will provide investors with further insight into the U.S. economy.

The Commerce Department will report May new home sales at 10:00 AM ET (14:00 GMT).

On average, economists expect that sales rose 2.2% to a seasonally adjusted annual rate of 686,000 in May, from 673,000 in April, according to forecasts compiled by Investing.com. The new-home sales rate has been hovering around 700,000 units for the last year or so and is still 30% below the 1-million-unit sales rate seen before the 2008-09 financial crisis.

Consumer confidence in June, meanwhile, is expected to fall to a reading of 132 from 134. Expectations for a slowdown in consumer confidence come despite a better-than-expected retail sales report last week.

2. Powell in the Spotlight

At a time when expectations are running high that the Federal Reserve will deliver a rate cut as soon as July, remarks from Fed Chairman Jerome Powell on monetary policy and the economic outlook on Tuesday will be closely watched for further confirmation.

Powell will be speaking to the Council on Foreign Relations in New York at 1:00 PM ET (17:00 GMT) on Tuesday.

But many are not expecting Powell to offer any new clues on policy following his press conference less than a week ago, during which he suggested the central bank would be open to easing policy to maintain economic growth.

3. Micron, FedEx Earnings on Deck

Micron Technology (NASDAQ:MU) and FedEx are set to release earnings after U.S. markets close on Tuesday,

Ahead of Micron's earnings, a host of analysts have downgraded their outlook on the company on fears that sanctions on Huawei, which accounts for about 13% of the chipmaker's overall sales, could further dent performance that has taken a knock from slowing memory demand.

“We expect (the) current downturn (in memory) to extend well into 2020,” Baird said in a note.

FedEx (NYSE:FDX), meanwhile, has set the bar pretty low ahead of its report. The shipping company cut its guidance on profit in December last year and more recently in March.

FedEx is expected to generate earnings of $4.85 a share on revenue of $17.8 billion.

As well as its earnings, FedEx’s guidance will likely be under added scrutiny as investors remain nervous that the worst is yet to come amid competition from Amazon (NASDAQ:AMZN) and slowing global economic growth, which has been exacerbated by the ongoing U.S.-China trade war.

Day Ahead: Top 3 Things to Watch
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
anuphun chusantisuk
anuphun chusantisuk Jun 24, 2019 7:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
keep eyes on g20
bomz bomzov
bomz bomzov Jun 24, 2019 7:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
buy Gold and keep eyes everywhere
Juilet Nma
Juilet Nma Jun 24, 2019 6:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What do u think
mukhethwa romeo
mukhethwa romeo Jun 24, 2019 6:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thanks for the great new
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email