As traders approach another pivotal day for financial markets, Wednesday, October 2, 2024, brings a series of crucial decisions and economic data releases that could sway market dynamics. The ADP (NASDAQ:ADP) Nonfarm Employment Change and EIA Crude Oil Inventories stand out as key indicators that will likely capture the attention of investors and analysts alike.
Major Economic Events to Watch
• 8:15 AM ET - ADP Nonfarm Employment Change (Oct): Forecast 124K, Previous 99K. A key predictor of the government's non-farm payroll report.
• 10:30 AM ET - EIA Crude Oil Inventories: Forecast -2.100M, Previous -4.471M. Weekly change in commercial crude oil held by US firms, impacting petroleum prices and inflation.
Other Important Economic Events to Watch
• 6:00 AM ET - OPEC Meeting: Representatives from 13 oil-rich nations discuss energy markets and production levels.
• 10:30 AM ET - EIA Weekly Cushing Oil Inventories: Previous 0.116M. Storage levels at the delivery point for U.S. crude oil benchmark.
• 11:00 AM ET - FOMC Member Bowman Speaks: Federal Reserve Governor's public engagement may offer clues on future monetary policy.
Other Economic Events to Watch
• 7:00 AM ET - Dallas Fed PCE: Previous 1.70%. A measure of core inflation using trimmed-mean personal consumption expenditures.
• 7:00 AM ET - MBA 30-Year Mortgage Rate: Previous 6.13%. Fixed 30-year mortgage lending rates for 80% loan-to-value mortgages.
• 7:00 AM ET - MBA Mortgage Applications: Previous 11.0%. Change in new mortgage applications.
• 7:00 AM ET - MBA Purchase Index: Previous 148.2. Indicator of impending home sales.
• 7:00 AM ET - Mortgage Market Index: Previous 296.1. Covers all mortgage applications during the week.
• 7:00 AM ET - Mortgage Refinance Index: Previous 1,132.9. Gauge of mortgage refinancing activity.
• 10:30 AM ET - EIA Weekly Distillates Stocks: Forecast -1.900M, Previous -2.227M. Inventory levels of distillates stocks.
• 10:30 AM ET - EIA Refinery Crude Runs: Previous -0.124M.
• 10:30 AM ET - EIA Weekly Gasoline Production: Previous 0.176M.
• 10:30 AM ET - Gasoline Inventories: Forecast -0.500M, Previous -1.538M. Change in commercial gasoline inventory.
• 10:30 AM ET - EIA Weekly Crude Imports: Previous 0.826M.
• 10:30 AM ET - EIA Weekly Distillate Fuel Production: Previous -0.158M.
• 10:30 AM ET - EIA Weekly Refinery Utilization Rates: Previous -1.2%.
• 10:30 AM ET - EIA Weekly Heatoil Stock: Previous 0.191M.
• 12:15 PM ET - FOMC Member Barkin Speaks: Richmond Fed President's public engagement may offer insights on monetary policy.
For further information and the latest updates, please refer to our Economic Calendar, here.
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