Investing.com | Feb 14, 2020 10:21
Investing.com - Here are three things that could rock the markets tomorrow.
1. How’s the Consumer Faring?
On Valentine’s Day, investors will get a double dose of insight into what many consider to be the heartbeat of the U.S. economy: the consumer.
At 8:30 AM ET (13:30 GMT), the Commerce Department will release the latest retail sales figures.
January retail sales are expected to have risen 0.3%, the same as in December, according to economists’ forecasts compiled by Investing.com.
At 10:00 AM ET, the University of Michigan issues its preliminary gauge of the consumer’s wellbeing for February.
The consumer sentiment index is seen coming in at 99.5 in this first monthly measure, down slightly from 99.8 in January.
And December business inventories are scheduled to come out at 10:00 AM ET.
2. Canopy Growth to Report Results
Cannabis company Canopy Growth (NYSE:CGC) will be the highlight of the earnings calendar Friday.
The Canadian company is expected to report a loss of 39 cents per share on revenue of $79.6 million.
It’s been a tough time for the sector and company, with its shares down more than 40% in past six months.
But the pot stock got an endorsement from the research community at the end of last month as BMO Capital Markets upgraded it to outperform from market perform.
“We believe there is potential upside to Street expectations for the fiscal third quarter of 2020 driven by the company's pivot into a recreational product mix that should now be better aligned with demand,” analysts Tamy Chen and Peter Sklar wrote in a note.
3. Oil Rig Numbers Arrive
Oil prices managed gains today with traders still hoping that OPEC+ will step in with deep cuts as demand destruction continues.
There will be a little more fundamental data to trade on tomorrow when Baker Hughes issues its oil rig count at 1:00 PM ET (18:00 GMT).
Last week the rig count came in at 676.
Today, the International Energy Agency estimated a drop of 435,000 barrels a day during the first three months of the year. It had previously expected world fuel consumption to grow by 800,000 barrels a day compared with a year earlier.
Written By: Investing.com
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