Day Ahead: Top 3 Things to Watch

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Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.

1. Did Cyber Monday Live up to Its Billing?

Retail stocks will still be in focus as investors look to see if the high expectations for Cyber Monday sales came to fruition.

Cyber Monday is widely expected to haul in record online sales, continuing the trend from Black Friday, which pulled in $6.22 billion in online sales, up nearly 23.6% from a year ago, setting a new high, according to Adobe (NASDAQ:ADBE) Analytics.

Cyber Monday online sales are expected to set a new record of $7.8 billion, up nearly 18% from last year, according to Adobe.

Amazon (NASDAQ:AMZN) is the obvious beneficiary, but analysts will likely be looking at companies that have touted a revamp in their online sales capability such as Walmart (NYSE:WMT), as legacy retailers look to increase their share of online spending.

2. Oil Finding Its Feet?

Oil prices face a crucial week as traders wait for the next OPEC meeting on Dec. 6 and the possibility of sideline deals at the upcoming G20.

Crude was up more than 2% on Monday, following Friday’s 8% rout, after Goldman Sachs (NYSE:GS) said current prices were an “extremely attractive entry point for longs in oil” and other commodities.

The consensus appears to be that the oil market is well supplied and that only some kind of cut in production will be able to lift prices.

Bloomberg reported that the G20 meeting in Argentina may be where the actual amount of a production cut will be decided. Saudi Energy Minister Khalid Al-Falih and his Russian counterpart Alexander Novak will be in Buenos Aires together, reinforcing the impression they will try to reach a deal ahead of the OPEC meeting.

It wouldn’t be the first time the two energy superpowers used a G20 to decide on oil policy.

At the same time, there is pressure from U.S. Pressure Donald Trump to keep prices lower, as he touts the recent plunge as a self-made de facto tax cut.

3. Fed Heads Gather

With recent dovish calls by Federal Reserve members, Fed speeches will be parsed tomorrow.

Three Fed members speak at 2:30 PM ET (19:30 GMT), in a Q&A at The Clearing House Conference.

Chicago Fed President Charles Evans, Kansas City Fed President Esther George and Atlanta Fed President Raphael Bostic will be in attendance.