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. November Retail Sales on Tap
Retailers have been struggling lately, with the SPDR S&P Retail (NYSE:XRT) ETF down about 17% in the last three months.
Tomorrow’s retail sales figures will give investors insight into how businesses fared in November, which includes Black Friday but not the following weekend and Cyber Monday.
The Commerce Department will release the numbers at 8:30 AM ET (13:50 GMT).
On average, economists expect that retail sales rose 0.1% last month and that core retail sales, which exclude automobile sales, rose 0.2%.
2. December Manufacturing PMI Expected to Dip
Following retail sales, there will be data on industrial and manufacturing activity.
At 9:15 AM ET, the latest figures on November industrial production arrive, with economists looking for a 0.3% rise.
At 9:45 AM ET, the preliminary December manufacturing purchasing managers index (PMI) will be reported. Economists forecast that the PMI ticked down to 55.1.
October business inventories come in at 10:00 AM ET, with a 0.6% rise predicted.
3. Oil Trades Look to Rig Count
Oil prices staged a surprise late charge to settle 3% higher today.
But analysts warned that there was little fundamental support for the move, which could mean another whipsaw day of price action tomorrow.
"It doesn't look like there's much news behind these gains," said John Kilduff, partner at New York energy hedge fund Again Capital. "I'd be wary, to say the least."
Tomorrow the Baker Hughes weekly oil rig count comes out at 1:00 PM ET (18:00 GMT). Last week the number of rigs in operation stood at 877.
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