Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Busy Day for Economic Data
Investors may be hoping to take a break from economic numbers after the Fed decision, but Friday’s calendar is surprisingly packed, including the central bank’s favorite inflation gauge.
The numbers on personal spending for August arrive at 8:30 AM ET (12:30 GMT), with economists expecting a 0.3% rise, just lower than the month before.
At the same time the August core personal consumption expenditures (PCE) price index, which excludes food and energy, arrives. This is a key data point that the FOMC uses to get a sense of inflation.
Economists expect that the core PCE price index rose just 0.1% last month, with the year-over-year rise right at the Fed’s target of 2%.
Also before the bell, Richmond Fed President Thomas Barkin will give the opening remarks at a conference entitled Banking and the Economy: A Forum for Minorities in Banking.
At 9:45 AM ET, the Chicago PMI measure of Midwest manufacturing arrives, with the market expecting a small dip in September from August.
And at 10:00 AM ET, the University of Michigan releases its final measure of September consumer sentiment is released. Economists predict a small decline from the preliminary reading.
2. Tesla’s Musk Troubles; BlackBerry Earnings
Shares of Tesla (NASDAQ:TSLA) will be active tomorrow, as the stock plunged about 10% in after-hours trading on reports that the SEC is suing CEO Elon Musk.
The Manhattan Federal Court docket said Musk is being charged with securities fraud, Bloomberg first reported. The charges could bar Musk from serving as an officer of the company.
There had been an SEC investigation into Musk tweeting out of the blue that he was thinking of taking the company private at $420 per share and had “funding secured.”
Meanwhile, it will be a blast from the past for some when BlackBerry (NYSE:BB) reports earnings before the bell tomorrow.
Many investors will still remember when BlackBerries were standard issue for everyone on Wall Street, but the company is no longer directly making smartphones. Instead, BlackBerry’s business has moved to software and services and it has built on its ability to design security technology necessary to the Internet of Things.
On average, analysts expect that BlackBerry earned 1 cent per share in its latest quarter on revenue of about $208 million.
The stock still hasn’t recovered from a plunge in June after its last earnings report. The numbers came in ahead of expectations, but there were worries about the sales still declining as the company was saying it was moving out of turnaround mode.
3. Will Oil Rally to End the Week?
Traders will be watching the energy markets tomorrow to see if oil can rally into the weekend after another avenue for more supply was shut.
Energy Secretary Rick Perry told a news conference at the Department of Energy late on Wednesday that the Trump Administration was not considering a release of oil from the U.S. Strategic Petroleum Reserve to offset the impact of the sanctions on Iran that would come into force from Nov. 4.
“Perry is right. A release from the SPR will give the market a false sense of security and the demand side of the equation would be slow to adjust to less barrels,” said Phil Flynn, analyst at the Price Futures Group in Chicago.
The move comes after OPEC and Russia indicated there would be no immediate increase in production at a meeting in Algiers.
Tomorrow the Baker Hughes U.S. oil rig count will arrive at 1 PM ET (17:00 GMT).