In This Article:
Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
1. Consumer Confidence, Fed Speak, Housing Data on Tap
While top-tier economic data and Fed speakers slated for Tuesday is likely to take a backseat to any uptick in trade war rhetoric, consumer confidence and housing data will be closely scrutinise for signs the U.S. economy remains on solid footing.
The S&P/CS Composite-20 HPI due 9am ET – measuring the change in the selling price of single-family homes in twenty metropolitan areas across the United States – is expected to show growth of 6.9% in April, a slight uptick from 6.8% seen the prior month.
Economist forecast the Conference Board’s consumer confidence gauge due 10:00 am ET to show a cooler reading of 127.6 for June from 128 in the previous month.
The Richmond Fed manufacturing index data for June due 10:00 am ET is expected to decrease to 15 from a reading of 16 the prior month.
Potential clues on U.S. monetary policy will likely also garner attention with a speech by Atlanta Federal Reserve Bank President, Raphael Bostic, at 1:00 p.m. ET and Dallas Federal Reserve Bank President Robert Kapan slated for 1:45 p.m. ET.
The dollar fell against a basket of major currencies on Monday amid fears the United States is reportedly drawing up fresh tariffs
2. Draw in Crude Supplies to Continue?
Traders look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday after data last week showed a draw in crude inventories.
The American Petroleum Institute reported crude oil stockpiles fell by 3.016 million barrels for the week ended June 15. That was below the 5.914 million barrel decline reported by the Energy Information Administration during the same period.
Crude oil futures fell 50 cents to settle at $68.08 a barrel as traders continued to assess OPEC's decision to lift output, while a supply outage inCanada kept losses in check.
3. Harley-Davidson to Bounce Back From Ride Lower?
Shares of Harley Davidson were showing fighting spirit in after-hours trade following a sharp fall Monday after the company confirmed its motorcycles exported from the U.S. to the European Union would be subject to higher tariffs.
Harley-Davidson stated that European Union tariffs on its motorcycles exported from the U.S. have increased from 6% to 31%. This comes as the EU tariffs on a list of U.S. goods and iconic brands including Harley-Davidson's motorbikes were implemented on June 22.
The higher tariffs are expected to average an incremental $2,200 per motorcycle exported from the U.S. to the EU.