Yahoo Finance Day Ahead: Top 3 Things to Watch
Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
1. Philly Fed Manufacturing, Jobless Claims on Tap
A duo of top-tier U.S. economic data will provide investors with an update on the strength of the U.S. economy as traders turn attention to domestic activities amid fading fears of an all-out U.S.-China trade war.
The Labor Department releases its weekly count of the number of individuals who filed for unemployment insurance due 08:30 am ET for the week ended May June 15, expected to show jobless claims rose to 220,000 from 218,000 the prior week.
The Philly Fed manufacturing index slated for 8.30 a.m. ET for June is forecast to show a reading of 29, down from a previous reading of 34.4 in May. The prices paid component of the Philly Fed Index will also be scrutinised for signs of rising price pressures.
The dollar retreated slightly Wednesday against its rivals. GBP/USD will be one of the currency pairs in the spotlight Thursday as the Bank of England is slated to reveal its decision on interest rates, widely expected to remain unchanged.
2. Natural Gas Inventories, Crude Oil in Focus as OPEC Jawboning Continues
Natural gas prices climbed more than 2% on Wednesday a day ahead of data expected to show an increased in natural gas storage.
The Energy Information Agency’s weekly natural gas storage report is expected to show gas storage rose by 85 billion cubic feet last week, adding to the above-forecast build seen in the prior week.
Crude oil prices will also remain in focus as investors are expected to continue monitoring any potential comments from OPEC and non-OPEC members after Iran – one the main oppositions to a potential oil output hike – signalled it would support a modest output boost
Crude futures settled 1.8% higher at $66.22 a barrel.
3. Micron to Bounce From After-Hours Wobble?
Shares of Micron technology fell in after-hours trade despite the company's fiscal third-quarter report beating consensus estimates on both the top and bottom lines.
The tech giant posted earnings of $3.15 per share on $7.80 billion in revenue against analysts’ expectations of earnings of $3.12 per share on $7.75 billion in revenue.
"Micron delivered record results in financial performance for the third fiscal quarter, supported by strong execution and ongoing secular demand trends," said Micron President and CEO Sanjay Mehrotra.
The company said it expected momentum and healthy industry fundamentals to continue in the fourth quarter to close out an exceptionally strong fiscal 2018.
Shares of Micron Technology Inc (NASDAQ:MU) fell 0.49% to $58.63 in after-hours trade, after closing 0.51% lower at $58.95.
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