Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Another Strong Jobs Report Expected
Wall Street’s attention will be laser focused on the employment report tomorrow.
The Bureau of Labor Statistics releases the August jobs numbers at 8:30 AM ET (12:30 GMT).
On average, economists expect that of 191,000 jobs last month, while the unemployment rate is expected to hold steady at 3.9%.
But barring a big beat or miss, the figures on average hourly wages will be the most interesting, giving investors some insight into what the Federal Reserve might do in December.
The consensus is that hourly earnings grew 0.3% in August, matching the rise in July.
2. Two Fed Speakers on the Calendar
There could also be more insight on the Fed’s thinking when two Federal Reserve members speak tomorrow.
Boston Fed President Eric Rosengren is scheduled to give a speech at 8:30 AM ET (12:30 GMT).
Rosengren has recently warned on the economy growing above capacity.
“I think the policy path that will increase the probability of a longer recession-free period is the path where the economy does not run above capacity and, thus, fall far below the sustainable unemployment rate,” Rosengren said in June, according to Reuters.
Dallas Fed President Robert Kaplan will speak at 12:45 PM ET (16:45 GMT).
Kaplan said in August three or four more rate hikes will bring the FOMC to a neutral rate.
3. Rig Count Data on Tap
Oil prices were hit today and traders will be looking at the latest Baker Hughes rig data for more clarity.
The rig count came in at 862 last week.
Inventories of U.S. crude fell by 4.302 million barrels for the week ended Aug. 31, data showed today, beating expectations for a draw of 1.294 million barrels.
The large draw in crude supplies comes despite a modest climb in imports by about 0.500 million barrels per day (bpd), while exports declined by 0.271 million bpd, data from EIA showed.
Production was unchanged at 11.0 million bpd for the second-straight week, which also supported the draw in crude supplies.