Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Existing Home Sales Seen Rebounding
Housing takes the spotlight on the economic calendar tomorrow with the latest numbers on existing home sales.
The National Association of Realtors will report on May sales of existing homes at 10:00 AM ET (14:00 GMT).
On average, economists expect that existing home sales rebounded to rise 1.2% on the month to an annual rate of 5.29 million, according to forecasts compiled by Investing.com.
Sales for March and April were both modestly lower.
Just before those figures, at 9:45 AM ET (13:45 GMT) Markit will report its preliminary U.S. purchasing managers’ indexes (PMIs) for June.
The June manufacturing PMI is expected to have edged down slightly to 50.4 for the month.
The services PMI is forecast to have ticked up to 51.
2. Oil Rig Data Due
Oil prices have faced pushing and pulling from a number of factors this week, from trade headlines to Federal Reserve dovishness to a drawdown in U.S. oil inventories.
Today, good old-fashioned geopolitical tensions pushed oil prices up after a U.S. drone was shot down by an Iranian missile. A U.S. official told Reuters that the drone was downed in international airspace over the Strait of Hormuz by an Iranian surface-to-air missile. Crude Oil WTI Futures jumped 5.3% to $56.83 a barrel. Brent Oil Futures rose 4.3% to $64.45.
But traders will still be looking at the last weekly piece of data tomorrow with the U.S. Baker Hughes Oil Rig Count report at 1:00 PM ET (17:00 GMT). Last week's report showed a decline of one oil rig to 788 rigs operating in the U.S., down 1 from the week before and down 75 or 8.7% from a year earlier.
3. More Fed?
If you didn’t get enough of the Federal Reserve this week, there’s more to come in terms of Fed chatter tomorrow.
Cleveland Fed President Loretta Mester will be participating in the final discussion of the Cleveland Fed’s Policy Summit 2019 at 12:00 PM ET (16:00 GMT).
She’ll be joined by Fed board member Lael Brainard in the discussion on the intersections between community development and the economy.
Wednesday's Fed announcement convinced the market that a rate cut will come in July, with a 100% chance of a quarter-point easing priced in, according to Investing.com’s Fed Rate Monitor Tool.