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. New Home Sales, Permits Expected to Dip
More numbers on the housing sector arrive tomorrow.
The Census Bureau will report the February figures for housing starts and building permits at 8:30 AM ET (12:30 GMT).
On average, economists predict that housing starts (groundbreaking on new homes) fell 0.8% last month to an annual rate of 1.213 million, according to forecasts compiled by Investing.com.
Building permits, an indication of future demand, is expected to have fallen 1.3% in February to a rate of 1.32 million.
2. Pot Company Cronos Set to Report
Canadian cannabis company Cronos Group (NASDAQ:CRON) reports earnings before the bell tomorrow and judging by today’s stock action, investors are expecting some strong numbers.
Shares jumped more than 6% today.
On average, analysts expect that the company lost a penny a share in the latest quarter on revenue of more than $8 million, according to forecasts compiled by Investing.com.
After the bell, KB Home (NYSE:KBH) will issue results.
Analysts forecast a profit of 25 cents per share on revenue of about $832 million.
Homebuilding shares were strong today, thanks to falling U.S. bond yields that could lower borrowing costs and boost homebuying demand.
3. API Inventories to Fall Again?
A fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday will give traders a window into U.S. crude stockpile levels after data last week showed inventories fell for the second-straight week.
The American Petroleum Institute reported crude oil stockpiles fell by 2.133 million barrels for the week ended March 22.
Crude oil futures fell 0.4% to settle at $58.82 a barrel today, but gains were limited by concerns that slowing global growth would weigh on oil demand.
But Goldman Sachs said the plunge in risk assets seen last week following a partial inversion in the U.S. yield curve was a "major overreaction." The bank added that there was more road for upside in risk assets if near-term events such as Brexit and the U.S.-China trade war can be successfully negotiated.
The outlook for risk assets remained "quite bright in an environment of gradually stronger global growth," the bank said.
U.S. oil prices hit a four-month highs last week on expectations that OPEC will continue deepen production cuts and as U.S. sanctions limit Venezuela and Iran exports.
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