Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
1. Midterms in Focus: Democrats to Regain Control of the House?
US voters take to the polls Tuesday, with pollsters indicating Democrats will likely regain control of the House, while Republicans will likely keep their slender advantage in the Senate.
While a divided Congress could prove somewhat of a hinderance to Trump's pro-business agenda, widely viewed as a boon for markets, analysts stressed that U.S. economic growth will likely continue.
A Democratic sweep could bring meaningful healthcare legislation, while a Republican sweep could extend last year's fiscal stimulus, Goldman Sachs said.
"(Both) these scenarios won't materially alter the trajectory of US growth. That said, however, they could trigger large responses from policy-sensitive stocks including high-tax firms and Pharma companies, the bank added.
Election exit polls are expected to be released at 17:00 ET; with final results expected late in the night, according to Briefing.com.
2. API Crude Stockpiles Data Eyed
Traders look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday after data last week showed a build in crude inventories for the second-straight week.
The American Petroleum Institute report comes a day of the Energy Information Administration petroleum report due Wednesday, which analysts have said, together with the loss of Iranian crude supplies, could determine the extend of any possible rally in oil prices.
The sustainability of any rally will depend on hard facts showing how the sanctions were affecting global oil supplies, along with other key data like weekly U.S. crude stockpiles, said Adam Sarhan, CEO and founder of New York-based global capital markets fund 50 Park Investments.
Crude oil futures fell 4 cents to settle at $63.10 on Monday.
3. Job Openings Expected to Decline
With limited top-tier economic data on tap for Tuesday, U.S. job openings data will likely garner the bulk of investor attention.
The JOLTs job openings data are scheduled for 10:00 AM ET (14:00 GMT).
Economists expect that job vacancies dropped to 7.100 million in September from 7.136 million in August.
The report arrives just days after the Labor Department reported Friday that nonfarm payrolls rose more than expected, while wage growth was in line forecast last month, strengthening the Fed's case to continue with gradual rate hikes.