Here’s a preview of the top 3 things that could rock markets tomorrow
1. ISM Services, Labor Market Data to Extend Risk-On?
As fears of a trade war were cast aside by risk-on sentiment, triggering a rally in US stocks, top-tier economic data due Tuesday including a key update on the services sector, could keep investor attention focus on domestic issues.
The Market Composite PMI at 9:45AM ET is expected show a final reading of 55.7 for May.
The Institute of Supply Management’s Non-Manufacturing Purchasing Managers' Index due 10:00 am ET is expected to show a reading of 58 for May slightly above the previous reading of 56.6.
A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of U.S. economic activity.
The US Bureau of Labor Statistics survey to measure job vacancies for April, meanwhile, could garner added investor attention following last week's blowout jobs report.
The U.S. Labor Department's Job Openings and Labor Turnover Survey (JOLTs) report at 10:00 am ET, is expected to show job openings in March fell to about 6.490 million.
The dollar cut its losses against its rivals amid a retreat in the EUR/USD from session highs as Italy reportedly prepares to face a parliamentary vote to rubber stamp its new government on Tuesday.
2. API Data on Tap
A fresh batch of crude oil inventory data from the American Petroleum Institute (API) is due Tuesday after data last week showed a build in weekly crude U.S. crude stockpiles.
The American Petroleum Institute reported last Tuesday crude oil stockpiles rose by 1 million barrels. That was in sharp contrast to the Energy Information Administration report showing crude supplies fell by 3.6 million barrels.
Oil prices struggle to pare losses Monday on the back of a 5% slump last week as ongoing fears that OPEC could ease production curbs and signs of ongoing expansion in U.S. output dampened sentiment on oil prices.
Crude oil futures on Monday settled 1.61% lower at $64.75 a barrel.
3. Apple Rally in Focus as it Nears $1 Trillion Market Cap
Shares of Apple close a record highs as its annual developer conference, WWDC, got underway on Monday.
The conference attracts attention from the both the tech and finance world as Apple often reveals new tools and features. As was the case the Monday, when it revealed its new operating system iOS 12, a new augmented reality toolkit and a series of apps to help curb use on iPhone and iPads.
The tech giant said the new software update would provide would speed up newer and older iPhones models. This comes a few months after Apple was heavily criticized as some alleged the tech giant's update purposely slowed the performance of older iPhones to encourage users to upgrade.
Shares of Apple Inc (NASDAQ:AAPL) closed at $191.83, up 0.84%, which saw its market cap move within about 5% of $1 trillion mark.
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