Day Ahead: Top 3 Things to Watch for Feb. 20

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By Kim Khan

Investing.com – Here are three things that could rock the markets tomorow.

1. Philly Fed on Tap

Manufacturing data from the Pennsylvania area will be arriving ahead of trading tomorrow.

The Philadelphia Federal Reserve will release the February Philly Fed Index at 8:30 AM ET (13:30 GMT).

The index is expected to have fallen to 12 from 17 in January, according to economists’ forecasts compiled by Investing.com.

The New York Fed said on Tuesday its measure of regional manufacturing climbed more than expected, with its rising to 12.9.

At the same time, the Labor Department will issue weekly initial jobless claims figures.

for first-time unemployment benefits are expected to have ticked up last week to 210,000 from 205,000 the week before.

At 10:00 AM ET, the Conference Board will issue its latest composite measure on U.S. leading economic indicators.

The is expected to have risen 0.4% in January, from a drop of 0.3% in December.

2. Oil Inventories Expected to Build

Government oil inventory numbers come out Thursday, a day later that usual due to Monday’s federal holiday.

Analysts expect that U.S. rose by 2.5 million barrels last week, according to forecasts compiled by Investing.com.

After the bell today, the American Petroleum Institute said it estimated a of 4.2 million barrels in crude for the week ended Feb. 14.

Oil prices managed to climb today as concerns switched to supply from Libya remaining offline from worries about Covid-19 demand destruction in China.

3. ViacomCBS Streaming in Focus

ViacomCBS (NASDAQ:) will report earnings ahead of trading Thursday.

Analysts are looking for a quarterly of $1.40 per share, with revenue coming in at $5.63 billion, according to forecasts compiled by Investing.com.

Investors will be looking to see how its streaming service CBS All Access is performing as it takes on the big names in the space. Any insight on how its big bet “Star Trek: Picard” is faring will certainly be of interest.

Last week John Paulson’s hedge fund Paulson & Co. disclosed in a 13-F filing that it had initiated a position in the stocks of about 6 million shares.

Also reporting tomorrow ahead of trading will be a pair of leisure stock standouts. Amusement park operator Six Flags (NYSE:) and Domino’s Pizza (NYSE:) will weigh in.

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