Earnings, New Home Sales, Consumer Confidence: 3 Things to Watch By Investing.com

By Dhirendra Tripathi

Investing.com — Stocks jumped on Monday after a weekend rout in cryptocurrencies as tech continued its rebound and the reopening trade continued.

Bullish bets on stocks tied to the progress of the economic reopening got a boost from progress on the reopening and signs the vaccine rollout is slowing the spread of new cases in the U.S. New York City and Los Angeles announced all children will return to public school classrooms in-person in September.

Oil prices boosted the energy sector even as an Iran nuclear deal draws close. Goldman Sachs (NYSE:) forecast crude prices could reach $80 a barrel by the fourth quarter.

Chip demand helped push tech higher after snapping a five-week losing streak on Friday.

Here are three things that could affect markets tomorrow:

1. Another wave of earnings

AutoZone Inc (NYSE:) is expected to report earnings per share of $20.02 on revenue of $3.25 billion, according to analysts tracked by Investing.com. Nordstrom Inc (NYSE:)is expected to report a loss of 58 cents a share on revenue of $2.89 billion. And Toll Brothers Inc (NYSE:)is expected to report EPS of 79 cents on revenue of $1.77 billion.

2. Housing data

Despite rising prices, home sales have continued to be strong. Tomorrow at 10:00 AM ET (1400 GMT), we get data on in the U.S. in April. Analysts expect 970,000, falling by 50,000 or nearly 5%, from the 1,021,000 new home sales the prior month.

3. Consumer confidence

Consumer confidence in the U.S. may erode a little in May, with the Conference Board’s Index likely to fall to 119.4 from 121.7 in April. That reading also comes out at 10:00 AM ET.

 

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