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Day Ahead: Top 3 Things to Watch

Day Ahead: Top 3 Things to Watch

Day Ahead: Top 3 Things to Watch
Stock Market
Thursday, November 15, 2018 - 20:32

Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.

1. Chip Sector Earnings Look Grim

The chip sector could hamper the market tomorrow after disappointing results from two major companies after the bell today.

Nvidia (NASDAQ:NVDA) sank about 14% after hours. The company missed on revenue expectations and forecast current quarter revenue well below consensus.

Applied Materials (NASDAQ:AMAT) reported earnings and revenue right at consensus. But its guidance for next quarter’s profit and revenue was below Street estimates.

The stock fell 5% postmarket.

In retail, Nordstrom (NYSE:JWN) plunged 11% after hours. It beat on the top and bottom lines, but it guided for a surprise drop in same-store sales.

Tomorrow morning, Viacom (NASDAQ:VIAB) will report numbers. On average analysts are predicting a profit of 96 cents a share on revenue of $3.4 billion.

2. Can Oil Make It Three in a Row?

Oil confounded expectations by settling slightly higher today, but there’s a lot of push and pull still going on in the market.

Prices were resilient in the face of a massive increase in U.S. oil inventories reported by the EIA today. Stockpiles of crude jumped by almost 10.3 million, about three times what the market was expecting.

U.S. crude production edged up to 11.7 million barrels per day, making the U.S. the leading producer of crude in the world. But bulls are relying on Saudi Arabia to be the driver of prices, hoping it will sharply curb production to keep another selloff at bay.

Tomorrow the market will get U.S. rig count data from Baker Hughes at 1 PM ET (18:00 GMT). There were 886 rigs active, according to last week’s count.

3. Industrial Production Data Coming

Economic numbers are light tomorrow, not unusual for a Friday.

The latest figures on industrial production and capacity utilization arrive at 9:15 AM ET (14:15 GMT).

On average, economists expect that industrial production in October rose 0.2%, down slightly from the month before.

October capacity utilization is forecast to come slightly in slightly higher than the month earlier at 78.3%.

Manufacturing production for last month is also expected to post a 0.2% rise.

© Reuters.
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