Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. GDP Expected to Tick Higher
Economic indicators pick up tomorrow with another reading on third-quarter economic growth and the latest figures on new home sales.
The Bureau of Economic Analysis will release the second measure of third-quarter GDP at 8:30 AM ET (13:30 GMT).
On average, economists expect that the economy grew at an annual rate of 3.6%, up from the initial measure of 3.5%.
For inflation watchers, core PCE prices are expected to hold steady at the first estimate of 1.6% annual growth.
Solid but tamer economic growth is expected for the fourth quarter and next year.
“The US economy has performed really well this year with a robust jobs market and massive tax cuts helping to generate the strongest year of GDP growth since 2005. But maintaining this momentum in 2019 will be hard, given the headwinds of the lagged effects of the strong dollar and higher interest rates along with the fading support from the fiscal stimulus and intensifying trade protectionism at a time of softer global growth,” ING chief international economist James Knightley said.
At 10 AM ET, the Commerce Department will issue the new home sales numbers for October.
The market is looking for a rise of 3.7% for the month, rebounding from a drop in September.
2. Tiffany Highlights Morning Retail Earnings
Retail earnings are on tap, with luxury goods seller Tiffany (NYSE:TIF) leading the way.
On average, analysts predict quarterly profit of 77 cents per share on sales of about $1 billion.
Shares have struggled recently and the stock in now back around levels seen just before it spiked higher in May.
Dick’s Sporting Goods (NYSE:DKS) will weigh in, with a profit of 26 cents per share forecast on sales of around $1.9 billion.
Chico's FAS (NYSE:CHS) is also scheduled to report.
3. Oil Inventories to Get Prices Moving Again?
Oil prices failed to find clear direction today, but traders may have more luck tomorrow with the official U.S. crude inventory data arriving.
The Energy Information Administration will release its weekly report at 10:30 AM ET (15:30 GMT).
Traders are predicting another build in U.S. stockpiles, but much less than previous ones.
Those in the oil market will also have to weigh the possibility of OPEC and Russia agreeing to an output reduction at the meeting in Vienna Dec. 6-7.