Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
Morgan Stanley closes earnings curtain for big banks
Morgan Stanley (NYSE:MS) is set to report earnings before US markets open on Wednesday, a day after its rivals – Goldman Sachs Group Inc (NYSE:GS) and Bank of America Corp (NYSE:BAC) – reporting earnings and revenues that topped Wall Street estimates.
The better-than-expect earnings reports failed to stem losses in both Bank of America and Goldman Sachs, as the latter ended the day more than 2% lower, after revealing a 40% decline in trading in fixed income, currencies and commodities (FICC) for the quarter.
In the wake of Goldman’s slump in revenues from FICC trading, investors are likely to scrutinize Morgan Stanley’s revenues from FICC trading, as this segment makes up a larger portion of Morgan Stantely’s revenue compared to that of Goldman.
Morgan Stanley is expected to report earnings of $0.76 per share on $9.09 billion in revenue.
U.S. crude stockpiles to show third-straight weekly decline?
A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show that U.S. crude stockpiles fell for a third-straight week.
Analysts forecast crude inventories fell by 3.2m barrels in the week ended July 14.
Crude futures have rallied in recent sessions, on the back of investor optimism that growing global demand in the second of the year will offset some of the surplus supplies, which has pressured prices over the past three years.
Crude futures notched a 5.2% gain last week.
Qualcomm in the earnings spotlight
Qualcomm Incorporated (NASDAQ:QCOM) is slated to released quarterly earnings on Wednesday after US markets close.
Investors are hopeful of a turnaround in the fortunes of the chipmaker, following a dip in market share in smartphone chips amid a dispute with Apple Inc (NASDAQ:AAPL) over royalties.
Earlier this month, Qualcomm asked U.S. trade regulators to ban iPhone imports that allegedly violate the chipmaker’s patents. Qualcomm’s ongoing litigation and royalty issues with Apple has weighed top-line growth, as the chipmaker slashed $500 million from its sales outlook for its third fiscal quarter.
Qualcomm is expected to report earnings of $0.81 per share on $5.26 billion in revenue.