Investing.com - Here are the top five things you need to know this morning, Tuesday, October 20:
1. Global markets mostly lower on weak commodity prices
Appetite for riskier assets remained subdued as a renewed decline in oil prices and concerns over the health of the global economy weighed. Stock markets in Asia and Europe were mostly lower, with commodity producers leading losses.
Meanwhile, Wall Street pointed to a downbeat open ahead of key U.S. housing sector data and as investors awaited a flurry of corporate earnings results.
2. U.S. housing sector data
The Commerce Department is expected to report at 8:30AM Eastern Time Tuesday that housing starts rose 1.2% in September to 1.140 million, while building permits are forecast to drop 0.9% to 1.160 million.
The timing of a Federal Reserve rate hike has been a constant source of debate in the markets in recent months. The U.S. central bank has two more scheduled policy meetings before the end of the year, in late-October and mid-December.
3. Third quarter earnings season gathers pace
Travelers Companies Inc (N:TRV), United Technologies (N:UTX), Harley-Davidson Inc (N:HOG), Lockheed Martin (N:LMT), Reynolds American (N:RAI) and Verizon Communications (N:VZ) are due to report quarterly earnings ahead of the opening bell.
And after the market closes, fast food chain Chipotle Mexican Grill (N:CMG), Yahoo! (O:YHOO) and Discover Financial Services (N:DFS) are on the earnings docket.
4. IBM drops 5% in pre-market trade
IBM (N:IBM) stock fell nearly 5% in active pre-market trade, after the technology giant said its third-quarter revenue fell 14%, hurt by declines in hardware sales and the stronger dollar. The disappointing results prompted the company to cut its 2015 guidance.
5. Oil futures decline again
Crude oil futures were down again on Tuesday, as market players looked ahead to a special meeting of the Organization of the Petroleum Exporting Countries and non-OPEC members later in the day.
Brent lost 19 cents, or 0.38%, to $48.42 a barrel, while U.S. crude was down 3 cents, or 0.06%, at $46.25.
A meeting of OPEC and non-OPEC oil market experts in Vienna later Tuesday may shed further light on the group's position of maintaining production at current levels as prices remain muted.
The cartel invited eight non-member countries, including Russia, for talks on the market. OPEC's own meeting to set policy is not until December 4.