Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Google Dips
Tech may struggle after Google’s disappointing earns report today. Alphabet (NASDAQ:GOOGL) shares fell nearly 7% after hitting new closing and 52-week highs in regular trading on a day when the S&P 500 and the NASDAQ Composite finished at record highs.
Alphabet reported earnings per share of $11.90 on revenue of $36.34 billion. Analysts polled by Investing.com had forecast earnings of $10.53 on revenue of $37.3 billion.
The earnings were down 10.7% from a year ago because of a $1.7 billion fine levied by the European Commission over anticompetitive practices. Without the fine, Alphabet said it would have earned $11.50 a share.
2. Pending Home Sales Seen Rebounding
Housing data leads the economic calendar tomorrow. The National Association of Realtors releases their measure for pending home sales in March at 10:00 AM ET (14:00 GMT). On average, economists expect that homes awaiting construction rose 1.1% last month, based on forecasts compiled by Investing.com. Pending home sales fell in February, following a large spike the moth before.
3. API Inventories
The American Petroleum Institute's petroleum data, which showed a weekly build last week, will garner attention Tuesday, as traders eye fresh direction for oil prices.
Crude Oil WTI Futures remain at year-to-date highs of around $64 a barrel, as President Donald Trump has recently tightened sanctions against Iran by ending all exemptions previously granted to crude buyers.
But even with tighter sanctions on Iran, China has increased its crude imports from the Islamic Republic, according to Citigroup. Shipping data show that Chinese purchases have picked up lately, with some 700,000 barrels a day of oil in transit to China in recent weeks, Citi said. Citi expects China to import at least 200,000 barrels a day of Iranian oil in May.