In This Article:
Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Amazon Sales Worry Bulls
Amazon.com (NASDAQ:AMZN) looks to be a drag on market tomorrow at the start of trading.
The online retail giant guided sales and operating income below consensus estimates after the bell, sending its stock down more than 6% postmarket. Quarterly sales also fell short of forecasts.
Amazon closed the regular trading session up more than 7%.
Google parent Alphabet (NASDAQ:GOOGL) will likely also add to weakness as its quarterly revenue fell short of some Wall Street expectations.
The stock lost 4% in after-hours trading.
But Intel (NASDAQ:INTC) repaid the faith of bulls in the chip sector during the regular session, posting solid numbers and rising 2.5% postmarket.
2. GDP Expected to Decline, but Remain Solid
Economic attention will be all on tomorrow’s GDP number.
The Bureau of Economic Analysis is expected to release the numbers on third-quarter economic growth at 8:30 AM ET (12:30 GMT).
GDP from July to September is expected to have risen at an annual rate of 3.3%, according to economists surveyed by Investing.com. That’s down from the second-quarter pace, but still on track for a 3% rise for 2018, the most since 2005.
Although analysts expect the strong expansion to continue in the fourth quarter on the back of recovery efforts following the recent Hurricanes Florence and Michael, most economists expect growth to moderate in 2019 and warn of the possible fallout from simmering trade disputes.
3. Colgate-Palmolive Leads Earnings Card
Tomorrow’s earnings calendar is predictably lighter, but there’s no dearth of big names.
Consumer giant Colgate-Palmolive (NYSE:CL) will get a lot of attention. On average analysts are looking for a profit of 73 cents per share on sales of about $3.9 billion.
The company fell short on sales in its last quarter. Shares had been climbing since then, but fell sharply recently in the broader market selloff.
Also scheduled to report are Weyerhaeuser (NYSE:WY), Phillips 66 (NYSE:PSX) and Rockwell Collins (NYSE:COL).
Related Articles
In two sessions, $200 billion of FANG market cap up in smoke
Uber goes to court to defend business model over UK worker rights
U.S. plans more China tariffs if Trump-Xi meeting fails: Bloomberg