Yahoo Finance Day Ahead: Top 3 Things to Watch
Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
1. Tech Wreak, Trump Watch in Focus
With nothing of note on the U.S. economic calendar Tuesday, investors are expected to continue to focus on the fallout in the tech sector after a nearly 7% slump in Facebook (NASDAQ:FB) amid calls for increased regulation of social media platforms.
Facebook took swift action to allay investor fears after it confirmed it hired a firm to conduct a comprehensive audit of Cambridge Analytica – the firm alleged to have gained data from 50 million Facebook profiles to influence the 2016 U.S. elections.
Fears of increased regulation weighed on shares of Google (NASDAQ:GOOGL), Twitter and Snap Inc (NYSE:SNAP).
US President Trump, meanwhile, revealed on Monday his plan to combat opioid crisis which included the support for research into developing a vaccine for opioid addiction.
That did little to divert investor attention from Trump’s “twitter meltdown,” over the weekend involving a series of accusatory tweets against special counsel Robert Mueller as the latter’s probe into alleged ties between Trump’s 2016 presidential campaign and Russia intensified.
The Dow closed more than 300 points lower on Monday.
2. API to Confirm Fifth-Straight Weekly Build in Crude Supplies?
Traders look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday.
The American Petroleum Institute reported last week crude oil stockpiles rose by 1.156 million barrels. That was well below the 5.022 million barrels the Energy Information Administration reported during the same period.
Crude oil futures made a timid start to the week start settling at $62.06 a barrels, down 28 cents, as OPEC Secretary-General Mohammad Barkindo said Monday that despite improving conditions in the oil market, global inventories remained above the 5-year average.
Yet, offsetting the negative sentiment on oil prices somewhat was the prospect of a tick higher in Middle East geopolitical tensions as Saudi Crown Prince Mohammad Bin Salman is expected to up the ante against Iran on his visit to the United States this week.
3. Bitcoin to Continue Rebound?
Investors are likely to watch bitcoin’s rebound closely to gauge whether the popular digital currency can continue its rebound from a low of $7,240 on Sunday.
Bitcoin held most of its gains on Monday despite a momentary selloff on news that US President Donald Trump had signed an executive order banning any transaction within the United States involving any digital currency that was issued by the Government of Venezuela on or after January 9, 2018.
The rise in bitcoin comes amid relief that the G20 meeting, which got underway in Argentina Monday, is unlikely to be used as a platform to discuss plans of a coordinated regulatory crackdown on cryptocurrencies.
Ahead of the G20 meeting, Bank of England governor Mark Carney said “crypto-assets do not pose risks to global financial stability at this time."
Bitcoin rose 9.83% to $8383.4 on Monday.
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