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Day Ahead: Top 3 Things to Watch

Stock MarketsJun 25, 2019 05:20PM ET
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Investing.com – The good news for the market tomorrow is that it’s free of Federal Reserve speakers, who proved to be a bummer for stocks today.

After two disappointing economic indicators today in new home sales and consumer confidence, tomorrow brings the latest durable goods figures.

And investors should keep an eye out not just for the earnings number from KB Home, but for the commentary. There should be a glimpse of whether the current low rates are starting to bring in more home buyers. That’s not showing up in the government housing data just yet.

Here are three things that could rock markets tomorrow.

1. Durable Goods on Tap

Durable goods orders will be the focus for the market before the bell. The Commerce Department will report May orders for goods lasting three years or more at 8:30 AM ET (14:30 GMT).

Durable goods orders are expected to come in flat after following a 2.1% decline in April, according to economists’ forecasts compiled by Investing.com. Core durable goods orders, which exclude autos, are predicted to have increased by 0.1%.

2. Crude Inventories on Tap

The Energy Information Administration (EIA) petroleum report is due Wednesday, with many expecting another draw in crude stockpiles.

Ahead of the EIA report, the American Petroleum Institute released data that, while not perfectly correlated with the EIA's report, often serves as an early indication of weekly petroleum levels and showed crude stockpiles fell by 7.54 million barrels last week. The EIA is expected to report a draw in crude stockpiles of 2.54 million barrels for the week ended June 14.

Crude oil futures climbed 0.1% to settle at $57.83 a barrel today.

3. KB Home and General Mills Earnings on Deck

General Mills (NYSE:GIS) will report earnings before the U.S. markets open on Wednesday, with analysts keen to see whether the company has managed to keep costs in check and margins intact. During the previous quarter, the company delivered an earnings beat, as efforts to keep down costs, mainly from packaging, shipment, and raw materials, supported the bottom line.

General Mills is expected to report earnings of $0.77 share on revenues to $4.24 billion.

KB Home (NYSE:KBH) is also set to report second-quarter results tomorrow after the market closes. Guidance will be closely watched following a rebound in U.S. housing activity on the back of falling mortgage rates. Industry leader Lennar (NYSE:LEN), however, fell 6.1% on Tuesday after offering weak guidance, and the Commerce Department reported a surprising sales drop in new home sales for May.

KB Home is expected to report earnings of $0.39 a share on revenue of $943 million.

Day Ahead: Top 3 Things to Watch
 

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