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Day Ahead: Top 3 Things to Watch

Stock MarketsAug 19, 2019 05:34PM ET
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© Reuters. – Here’s a preview of the top 3 things that could rock markets tomorrow.

1. Home Depot to Hammer out Earnings

Home Depot (NYSE:HD) is set to release earnings before the opening bell Tuesday.

Ahead of the report, analysts have weighed the impact of tariffs, which has increased raw materials costs such as lumber, against supportive factors such as lower mortgage rates and a healthy consumer.

“(W)e are concerned somewhat that seemingly transitory factors might have impacted modestly sales trends, particularly early in the period (second quarter),” Oppenheimer said.

But the underlying drivers “appear to remain in place, and could re-strengthen, given a recent plunge in mortgage rates, moderating, albeit still climbing home values, and overall healthy consumer indicators,” it added,

Home Depot is expected to report earnings of $3.09 per share on revenue of $31.06 billion.

As well as earnings, guidance will also draw close scrutiny after the home-improvement retailer’s previous outlook in the first quarter fell short of expectations.

Home Depot (NYSE:HD) shares are up 2.75% in August and 21% on the year.

Rival Lowe’s (NYSE:LOW) reports earnings a day later on Wednesday.

2. Fed Vice Chairman Quarles in Spotlight

The economic data slate for Tuesday is light, with a speech from Federal Reserve Vice Chairman Randal Quarles due at 1 PM ET (17:00 GMT).

Quarles speaks Tuesday at an event in Utah on community development.

The speech comes ahead of the minutes of the July 30-31 Federal Open Market Committee meeting scheduled for Wednesday and Federal Reserve Chairman Jerome Powell speech in Jackson Hole, Wyo., on Friday.

The minutes, due Wednesday, will likely be parsed for signs that Fed members are increasingly leaning more dovish, raising the odds of a rate cut at their meeting next month.

3. API Crude Inventories

The American Petroleum Institute's petroleum data, due Tuesday afternoon, will be viewed with interest after the previous report, which often serves as an indicator of the contents of the U.S. Energy Department’s report due Wednesday, showed a draw in crude stockpiles for the eighth-straight week.

U.S. Crude started the week on the front foot on Monday, with the September contract rising 2.4% to settle at $56.21. The rally was based expectations that central banks stand ready to deploy further stimulus in an effort to avert a global recession, which would hurt oil-demand growth.

Day Ahead: Top 3 Things to Watch

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