ADP jobs data, EIA crude inventories take center stage Wednesday

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 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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com