Oil inventories, coke profits, Verizon: 3 things to keep an eye on

By Dhirendra Tripathi and Barani Krishnan

Investing.com — Shares bounced as investors took advantage of Monday’s sharp sell-off to buy the dip, despite lingering concerns about the rapid spread of the coronavirus.

Monday’s collapse in the three major indices can be traced to the resurgence of Covid-19 infections and fears it would slow the recovery. But others on Wall Street said the economy has already entered an expansion phase.

Energy also recovered some of its losses from a day earlier, up more than 2% amid a tentative recovery in oil prices to just below $70 a barrel. Oil stock data to be released later Tuesday by the industry and Wednesday morning by the government could put a bottom under prices if they show a sustained decline.

International Business Machines (NYSE:IBM) rose 2% after second-quarter results beat analysts’ estimates, signaling the start of the wave of major technical earnings reports expected in the coming days.

Revenues aside, it’s been a pretty quiet summer week in terms of data. Here are three things that could affect the markets tomorrow:

1. Oil Inventory

The figures from the American Petroleum Institute serve as a precursor to the official weekly inventory data expected by the Energy Information Administration on Wednesday. Analyst Consensus, Followed by Investing.com, US raw inventory likely fell 4.47 million barrels last week, from last week’s 7.90 million drop. The API data will be released at 4:30 PM ET and the EIA data will be released at 10:30 AM ET.

2. Soda Earnings

Coca-Cola Co (NYSE:KO) reported this on Wednesday. Analysts followed by Investing.com expect it to report likely second-quarter EPS of 56 cents on revenue of $9.3 billion.

3. Telecom Revenue

Verizon Communications Inc (NYSE:VZ), also scheduled for Wednesday’s opening bell, reports second-quarter revenue of $32.71 billion and earnings per share of $1.30. Last week, Ericsson (BS:ERICAs) said it has signed its largest-ever deal with Verizon, an $8.3 billion agreement to deliver 5G solutions.

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