Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
1. US GDP, Pending Home Sales, Trade Data on Tap
Investors will get their clearest indication yet on the underlying strength of the U.S. economy amid GDP and housing data slated for Wednesday.
The final reading of fourth-quarter U.S. GDP is expected to show the rate of economic growth rose to 2.7%, up from the previous reading of 2.5%.
Pending Home Sales, meanwhile, is forecast to show 2.1% growth for February following a 4.7% slump in the prior month.
The Commerce Department, meanwhile, is expected to report the trade gap narrowed to $74.10 billion in February from $75.26 billion in the prior month.
The U.S. trade deficit has garnered added investor attention in recent weeks as the U.S. seeks to plug its the trade gap with China.
The trade deficit with China jumped nearly 17% to $36.0 billion in January, the highest since September 2015.
The dollar clawed back some of its recent losses against its rivals rising 0.37% to 88.98.
2. Rising U.S. Crude Stockpiles to Extend Retreat in Crude Oil Prices?
Weekly inventory data from the Energy Information Administration (EIA) on Wednesday at 10.30 a.m. ET is expected to show crude stockpiles resumed their expansion last week.
Analysts forecast crude inventories rose by about 287,000 barrels in the week ended March 23. U.S. crude supplies unexpectedly fell by 2.622 million for the week ended March 16.
Crude oil futures settled at lower on Tuesday as the prospect of a build in U.S. supplies offset ongoing bets that rising tensions in the Middle East could lead to a disruption in global crude supplies.
3. Twitter’s Wings About to be Clipped?
The tech wreck on Tuesday was characterised by a tumbled in shares of Twitter following investor fears that the social media company could become embroiled in the data-privacy storm and face regulatory headwinds.
Famed short-seller Citron research said Tuesday that Twitter is the most vulnerable social media company to privacy regulations as it relies heavily on selling user data.
Citron said: “Twitter will generate $400 million this year, by just selling user data, not advertising”. The investment research firm added that the “dynamics are in place to short Twitter” with a price target of $25 on shares of Twitter.
Twitter has long been believed to be an acquisition target but Citron said an acquisition by another party is “far less likely" until these companies "clean house with regard to privacy concerns and selling user data”.
Twitter Inc (NYSE:TWTR) fell more than 12% to close at $28.07 on Wednesday.