Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
US macro data on tap
In what is expected to be quiet week for top-tier economic data, investors look to ahead to the release of housing market data, which could point to further strength in the US economy raising the prospect of bullish economic growth.
The Commerce Department home building activity for November is expected show housing starts fell 3.2% to a seasonally adjusted annual rate of 1.27 million units, well below the 5.6% growth in October.
A speech by Fed member Neel Kashkari is slated for later in the session, which could offer clues on the Fed’s thinking on monetary policy following the central bank’s decision to hike rates last week.
The dollar struggled to pare losses against its rivals on Monday despite growing tax reform optimism on reports that the Republican lawmakers could vote on the tax bill as soon as Tuesday.
Tax Reform Vote; Dow Eyes Record 25,000
Republican efforts on the tax reform front is expected to remain front and center in Tuesday's session amid reports that the Senate and House Republicans will vote on a tax bill this week.
House Republicans are expected to vote on Tuesday, with the Senate expected to follow later Tuesday or on Wednesday.
Republican hopes of passing tax reform received a boost on Monday after Senator Mike Lee said he would support the Republican tax plan.
Ahead of the expected vote on Tuesday, US stocks closed in record territory with the Dow Jones Industrial Average closing about 200 points shy of an unprecedented 25,000.
U.S. crude oil stockpiles on tap
Traders look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday.
The American Petroleum Institute reported crude oil stockpiles fell by about 7.38 million barrels last week.
Crude oil futures have made a poor start to the week as the threat of rising US output adding to the glut in supplies offset the support from the Forties pipeline outage, and the prospect of supply disruptions in Nigeria.