Day Ahead - Top 3 Things to Watch
Investing.com
Published Nov 19, 2019 04:24
Updated Nov 19, 2019 06:32
Investing.com - Here's a preview of the top 3 things that could rock markets tomorrow
1. Housing Data on Watch
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The latest update on the U.S. housing sector will likely be met with keen interest from investors for insight into whether a recent uptick in mortgage rates has damped home building activity.
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The Commerce Department will report on housing starts and building permits for October at 8:30 AM ET (13:30 GMT).
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Economists expect that housing starts increased to an annual rate of 1.320 million last month up from 1.256 million units in September.
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Building permits an indication of future demand, are predicted to show a decline to 1.385 million from 1.391 units in September.
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Clues on monetary policy will also be in focus, with a speech from New York Federal Reserve President John Williams that starts at 9.00AM ET (14:00 GMT).
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Williams has previously said the Fed should keep rates steady as the economy is in a good place.
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2. Kohl’s, TJX (NYSE:TJX) Earnings Due
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Kohls (NYSE:KSS) reports quarterly results before the market open.
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The report will be scrutinized for further clues on whether the department store’s expanding relationship with Amazon (NASDAQ:AMZN) has continued to boost footfall and underpinned same store sales growth.
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Kohls is expected to report earnings of 86 cents a share on revenue of $4.39 billion. A year ago, Kohls reported 98 cents a share in earnings on revenue of $4.39 billion.
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As well as earnings and same store sales, guidance on the fourth quarter, which includes the crucial holiday season, will draw attention.
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TJX (NYSE:TJX) is forecast to report earnings of 66 cents on revenue of $10.31 billion. A year ago, TJX, which operates the TJ Maxx chain, earned 63 cents on revenue of $9.83 billion.
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The retailer’s comparable store sales will be in focus after it previously raised its full-year guidance thanks to strong performance in Europe and Australia.
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TJX (NYSE:TJX) estimated comp sales to rise between 1% to 2% and earnings per share between $0.63 and $0.65.
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3. Home Depot Rolls out Q3 Report
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Dow component Home Depot (NYSE:HD) will report third-quarter earnings before the bell.
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In the previous quarter, the home-improvement retailer cut its sales outlook blaming the impact of the ongoing rise in lumber prices and the U.S.-China trade war.
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Against these headwinds, a more positive backdrop in the U.S. housing sector has buoyed construction activity, boosting sales of big-ticket items to builders and handymen.
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Home Depot (NYSE:HD) is expected to report earnings of $2.52 a share on revenue of $27.5 billion. A year ago, it earned $2.51 a share on revenue of $26.3 billion.
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Written By: Investing.com
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