By Liz Moyer
Investing.com — Big tech stocks led the market higher to start the week as investors weighed the positive aspects of business reopenings across the U.S. with continued evidence that new coronavirus cases are rising in many states.
Apple Inc (NASDAQ:AAPL), a widely followed stock owned by Warren Buffett’s Berkshire Hathaway B (NYSE:BRKb), helped lead the gains along with Microsoft Corporation (NASDAQ:MSFT) Meanwhile, retailers got a boost as malls and stores reopened, while airline stocks fell.
Data on manufacturing and new home sales are due out on Tuesday, along with industry data on crude oil and related inventories. Investors will be looking for signs the Covid-19 recovery is revitalizing business.
Here are three things that could affect markets tomorrow.
1. Watching for Signs of Health in Manufacturing and Services Sectors
Manufacturing PMI for June is scheduled to be reported Tuesday at 9:45 AM ET (1345 GMT). Analysts followed by Investing.com are looking for a reading of 48, up from 39.8 the prior month. Services PMI expected to be 46.5, up from 37.5.
PMI, which stands for Purchasing Managers’ Index, measures the activity level of purchasing managers in the manufacturing sector. It is seen as a leading indicator of overall economic performance. Services PMI sectors cover transport and communication, financial, business and personal services, computing, hotels and restaurants.
2. Watching for Signs of Health in Real Estate
New home sales are scheduled to be reported at 10:00 AM ET (1400 GMT). They are expected to be up 3.5% for the month of May, or 640,000 compared to a gain of 0.6% the previous month.
Existing home sales, which were released on Monday, came in around 3.9 million, below expectations and down from more than 4 million the prior month.
3. Crude oil Inventories Provide a Glimpse of Demand
American Petroleum Institute will release its own data on crude oil and product inventories on Tuesday at 4:30 PM ET (2030 GMT). Those numbers come in advance of government figures that are usually released on Wednesday morning. Investors study crude oil and gasoline inventories for signs that demand is gaining or declining, an indication of business activity.
Day Ahead: 3 Things to Watch for June 23
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