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Day Ahead: Top 3 Things to Watch for Jan. 17

Investing.com

Investing.com - Here are three things that could rock the markets tomorrow.

1. Housing Starts Lead Data Dump

Another deluge of economic data hits the market on Friday, with more insight into the housing market kicking things off.

The Commerce Department reports its December measure of housing starts and building permits at 8:30 AM ET (13:30 GMT).

Housing starts are expected to have risen to an annual rate of 1.375 million from 1.365 million in November, according to economists’ forecasts compiled by Investing.com.

Building permits, an indicator of future demand, are forecast to have dipped to a rate of 1.468 million from 1.474 million.

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Housing looked on firm footing today when the National Association of Home Builders reported its January housing market index remained near highs at 75.

At 9:15 AM ET, the Fed will release December figures on industrial production and capacity utilization.

Industrial production is predicted to have fallen 0.2% for the month, with capacity utilization ticking down to 77.1%.

2. Consumer Sentiment Seen Steady

The consumer landscape looked good today when U.S. retail numbers came out and tomorrow the University of Michigan will reports its preliminary measure of January consumer sentiment at 10:00 AM ET (15:00 GMT).

Economists expect that the consumer sentiment index stayed the same as December at 99.3, with a rise in expectation and a dip in current conditions.

At the same time the Labor Department issues its November job openings numbers.

The Job Opening and Labor Turnover Survey (JOLTS) is expected ot show available jobs fell to 7.233 million that month.

3. Schlumberger (NYSE:SLB) Reports Ahead of Trading

Earnings reports wrap up for the week with energy services giant Schlumberger (NYSE:SLB) reporting before the bell.

On average, analysts expect that Schlumberger (NYSE:SLB) will report a quarterly profit of 37 cents per share on revenue of $8.17 billion, according to forecasts compiled by Investing.com.

Bernstein initiated the stock with a underperform rating this week, with the analyst preferring the opportunity of the smaller companies in the space rather than the big-caps.

Financial results also keep coming in, with State Street (NYSE:STT) forecast to post earnings of $1.69 per share on revenue of $2.92 billion.

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