Day Ahead: Top 3 Things to Watch
1. Housing, Industrial Production, Fed Speakers on Tap
Following renewed expectations for a faster pace of inflation and U.S. economic growth in the wake of a duo of economic reports on retail sales and manufacturing, investors are expected to closely monitor economic data and comments from Fed speakers slated for Wednesday.
2. Weekly US Crude Supplies Data, EIA Monthly Report Eyed
Inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show a second-straight weekly draw in U.S. crude stockpiles.
Analysts forecast crude inventories fell by about 0.763 million barrels in the week ended May 11
3. Macy’s Quarterly Report in Focus
Macy’s is expected to report first-quarter earnings of 40 cents per share on $5.42 billion before U.S. markets open Wednesday.
Shares of Macy’s have rallied more than 20% over the past year, supported by tax reform and signs of progress that the retailer’s turnaround efforts are working after fourth-quarter results beat estimates.