Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Welcome to Earnings Town
There’s no doubt this week is about anything but earnings, with the sheer amount of market-moving names enough to set the tone for any market day.
Ahead of trading tomorrow, there will be three Dow components weighing in.
Analysts are looking for Travelers (NYSE:TRV) to report earnings of $2.29 per share, with revenue at about $7.4 billion. And United Technologies (NYSE:UTX) is forecast to earn $2.05 per share, with revenue coming in around $19.5 billion.
Semiconductor stalwart Texas Instruments (NASDAQ:TXN) also reports after the bell. The consensus is for TI to report earnings of $1.22 per share and revenue of about $3.6 billion.
Numbers are also expected from Chipotle Mexican Grill (NYSE:CMG), which recently hit an all-time high.
2. Existing Home Sales Seen Edging Up
On the economic calendar, housing will garner the most attention.
The National Association of Realtors will issue its monthly measure of existing home sales at 10 AM ET (14:00 GMT).
On average, economists expect that sales of existing homes in July ticked up to an annual rate of 5.35 million from 5.34 million in June, according to forecasts compiled by Investing.com.
Last month saw a stronger-than-expected rise as the drop in benchmark bond rates pushed mortgage rates lower and boosted demand.
3. Oil Market Has One Eye of Inventories, One on Iran
The oil market is expected to see continued volatility this week as uncertainty about what action the U.K. will take, if any, over Iran seizing its tanker increased as the U.S. demurred on providing any direct support.
But fundamentals will still be closely watched.
The American Petroleum Institute will release its measure of U.S. crude stockpiles after the bell tomorrow, which is seen as a gauge for the official government data that comes out Wednesday.
The API saw a weekly drop of about 1.4 million barrels, compared to the Energy Information Administration’s measure of a drawdown of 3.1 million barrels last week.
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