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Day Ahead: Top 3 Things to Watch for May 27

Investing.com
·2-min read

By Kim Khan

Investing.com - Stocks posted strong gains to start the week, but they could’ve bene stronger if not for a late swoon on more worries about China-U.S. tensions.

Tomorrow investors will get a broad look at the economy from all the regional Fed banks.

There will be a measure of how U.S. oil inventories are shaping up as oil continues to climb and also earnings from the homebuilding sector.

Here are three things that could move the markets tomorrow.

1. Lockdown Beige Book Arrives

The Federal Reserve will release its Beige Book assessment of the economy at 2:00 PM ET (18:00 GMT).

The report should take on extra importance for its unprecedented glimpse into the pandemic economy.

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Views will come from the 12 Fed districts, giving insight into how different parts of the country handled lockdown measures and early moves to reopen.

2. API Inventories on Tap

Oil prices rose the wave of reopening optimism as well today, with WTI futures getting closer to $35 per barrel.

With anticipation of growing demand, investors will get a measure of how U.S. stockpiles look when the American Petroleum Institute gives its gauge after the bell. It arrives a day later due to Monday’s holiday.

Last week API reported a drop of 4.8 million barrels in oil inventories.

Seevol.com reported a 4.26-million-barrel decline for the week to May 22 at the Cushing, Okla. hub that stores crude delivered against expiring spot contracts of WTI.

3. Will Housing Resilience Show in Earnings?

Luxury homebuilder Toll Brothers (NYSE:TOL) will report earnings after the bell tomorrow and the numbers come on the heels of very surprising new home sales data.

Economists were predicting a drop of more than 20% in sales of new homes in April, but they posted a small gain.

“With incredibly attractive mortgage rates and pent-up demand from first-time buyers, there are reports of bidding wars at several times the previous pace,” Grant Thornton Associate Economist Yelena Maleyev wrote in a note. “Realtors report increased interest in virtual tours and self-guided tours of empty houses.”

Analysts predict a profit of 46 cents per share for the quarter, with sales of nearly $1.6 billion, according to forecasts compiled by Investing.com.

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