Previewing Tomorrow's Economic Reports (SPY)

There is a slew of economic reports coming out tomorrow that will be decidedly market moving, and if past economic reports are any indication, they are likely to be weaker than expected. At 8:30 a.m., initial claims are set to be released for the week ending May 28. Economists are looking for a claims number of 413,00, down from the prior week of 424,000. Continuing claims are expect to drop slightly from the prior week, coming in at 3.688 million, down from 3.7 million the prior week. At 10:00 a.m., April factory orders are expected to show a steep drop, coming in at -1.0%. The prior reading was 3.4% in March. At 10:30 a.m., we also will get crude inventories for the week ending May 28.