Day Ahead :Top 3 Things to Watch

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© Reuters. © Reuters. – Here’s a preview of the top three things that could rock markets tomorrow.

1. Earnings Season Heats Up; McDonald’s, Texas Instruments and Procter & Gamble

McDonald’s (NYSE:) reports third-quarter earnings on Tuesday before the opening bell.

Ahead of the company’s earnings, Wall Street appears optimistic as analysts expect the fast-food giant’s initiatives to drive demand will be reflected in comparable sales growth for the quarter. The company not only launched promotional offers, but added new items to its menu.

Same-store sales are expecting to have risen 5.4% in the quarter, according to consensus estimates from FactSet.

McDonald’s is expected to of $2.21 per share on revenue of $5.49 billion.

Consumer products giant Procter & Gamble (NYSE:) is also out with its report before the opening bell.

P&G has won investing fans in the recent months with many cheering the company’s efforts to keep demand high for its products, underpinning top-line growth.

But keeping its products in demand has come at a cost as spending on marketing has kept a lid on profit growth in recent quarters.

P&G is expected to of $1.24 a share on revenue of $17.45 billion.

After bell on Tuesday, Texas Instruments (NASDAQ:) releases its quarterly report in what will be a busy week for chip stocks, with Xilinx’s (NASDAQ:) earnings due Wednesday and Intel’s (NASDAQ:) on Thursday.

The chipmaker is expected to of $1.42 per share on revenue of $3.82 billion.

As well as earnings, guidance will be closely watched as TI has seen orders come under pressure as customers reign in capital spending amid geopolitical uncertainty.

2. API Report on Tap

The weekly due Tuesday comes as investors continue to fret about the ongoing build in domestic crude supplies as refinery activity continues to tick lower.

API data last week showed crude stockpiles rose 10.5 million barrels. It was the second-straight weekly increase at a time when many are concerned that weakening global growth will keep a lid on oil-demand growth, pressuring oil prices.

settled 0.9% lower at $53.31 a barrel.

3. Housing Activity in Focus

The National Association of Realtors releases its report on September existing home sales at 10 AM ET (14:00 GMT).

Forecasts compiled by to show sales in September fell 0.7% to an annual rate of 5.45 million units.

The backdrop for home sales activity has been mixed. Plunging mortgage rates have increased demand, but a lack of supply of lower-priced homes has sidelined many homebuyers.

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