Yahoo Finance Day Ahead: Top 3 Things to Watch for Feb. 5
Investing.com - Here are three things that could rock the markets tomorrow.
1. Merck, GM Set to Report
On the earnings calendar tomorrow, Dow component Merck (NYSE:MRK) will report ahead of trading.
The pharma giant is expected to post a profit of $1.15 per share on revenue of about $12 billion, according to analysts’ forecasts compiled by Investing.com.
In early January, RBC Capital Markets initiated coverage of the stock with a sector perform rating and a $99 price target.
Momentum from cancer drug Keytruda is set to continue, RBC said, but upside would be limited on the back of recent strength.
The stock is up about 5% in the last three months.
General Motors (NYSE:GM) will also issues numbers, which should garner attention if the market can acknowledge for a moment there are other automakers besides Tesla (NASDAQ:TSLA).
Analysts are looking for earnings of 11 cents per share on sales of about $31 billion.
In January, GM said it delivered 735,909 units in the fourth quarter, down 6.3% from the year-ago period.
After the bell, Grubhub (NYSE:GRUB) and Peloton Interactive (NASDAQ:PTON) will report.
2. ADP Employment, ISM Services Arrive
The economic calendar kicks off tomorrow with jobs numbers as we get closer to the government payrolls report at the end of the week.
ADP (NASDAQ:ADP) will issue its measure of January private-sector employment activity at 8:15 AM ET (13:15 GMT).
ADP nonfarm payrolls are expected to have risen by 156,000 last month, according to forecasts compiled by Investing.com.
At 9:45 AM ET, Markit will issue its latest composite purchasing managers’ index (PMI)
The January composite PMI is seen ticking up to 53.1 from 52.7 in December.
At 10:00 AM ET, the Institute of Supply Management will report its measure of January services activity.
Economists expect the ISM non-manufacturing PMI to stay steady at 55.
3. Crude Build Expected
Oil trading has been volatile as traders grapple with the impact of the coronavirus and how much impact OPEC+ could impact the market with vuts.
Tomorrow there will be fundamentals to contend with as well as the Energy Information Administration issues its week oil inventories data at 10:30 AM ET (15:30 GMT).
The EIA is expected to report a rise of 2.8 million barrels for last week.
After the bell today, the American Petroleum Institute said its measure of stockpiles showed a sizeable build of 4.2 million barrels last week.
Related Articles
Macy's to close 125 stores, cut more than 2,000 jobs
NYSE owner Intercontinental Exchange explores taking over eBay: sources
