Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Day Ahead: Top 3 Things to Watch for March 5

Published 03/04/2020, 06:02 PM
Updated 03/04/2020, 06:08 PM
© Reuters.
KR
-
BRKb
-
US10YT=X
-

By Kim Khan

Investing.com - Investors will naturally be watching reports of the number of new Covid-19 cases across the globe Thursday, as well as government and private sector moves to contain the virus and signs of direct impact on companies like United Airlines today.

Beyond that there will be more economic data, which helped the U.S. dollar gain a little traction today and the 10-Year Treasury yield to reclaim territory above 1%.

The oil market is still waiting for a move from OPEC and earnings reports are still coming.

Here are three things that could move the market tomorrow.

1. Jobless Claims, Factory Orders Due

There’s more data on the employment front tomorrow, ahead of Friday’s payrolls report.

Weekly initial jobless claims arrive at 8:30 AM ET (13:30 GMT).

Claims for first-time unemployment benefits are expected to dip to 215,000 from the week before, according to economists’ forecasts compiled by Investing.com.

At 10:00 AM ET the Commerce Department will issue its latest report on factory orders.

Economists expect that the value of new purchase orders placed with manufacturers fell 0.1% in January.

2. OPEC Meeting Begins

OPEC starts its official two-day meeting in Vienna tomorrow, although the market has been swinging on headlines from the cartel this whole week.

Saudi Arabia is trying to convince Russia to sign off on more output cuts, but Russia has been playing it coy so far. A technical panel recommended cutting output by as much as 1 million bpd in the second quarter.

Adding to a prior deal in December, OPEC+ would be removing a total of 3.1 million bpd, or 3.1% of global supply,

Oil prices reacted negatively today to a report that Russian Energy Minister Alexander Novak had returned to Russia.

But a deal definitely hasn’t been ruled out, Investing.com’s Barani Krishan said.

3. Kroger Reports After Buffett Endorsement

On the earnings calendar investors will get a chance to see how a new Buffett bet is faring.

Warren Buffett’s Berkshire Hathaway (NYSE:BRKb) revealed in a regulatory filing last month that it had initiated a new position in Kroger (NYSE:KR). Berkshire said it owns about 18.94 million shares in the supermarket chain.

Kroger (NYSE:KR) will report quarterly results before the bell tomorrow.

Analysts are looking for a profit of 55 cents per share on sales of about $28.8 billion.

Shares are up about 8% year to date.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.