Yesterday at a glance: despite the risk-off mood, A. O. Smith was range-bound between $65.86 to $66.77 and settled at $66.21.
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 190,000. Potentially significant price fluctuations in A. O. Smith are expected to follow.
Highly important Crude Oil Inventories data from United States beat analyst expectations of 2.46 million with a reading of 2.42 million.
Meanwhile, United States 10-Year Note Auction released yesterday at 18:01 UTC with a figure of 3.613, while the previous figure was 3.575. Fresh Cushing Crude Oil Inventories data from United States came out at 1 million.
Visual analysis of A. O. Smith's chart shows that A. O. Smith Corp could begin to recover as it approaches significant support, now 42 cents away from $65.79. Dipping below could be an indication that further losses are ahead.
A. O. Smith was not the only decliner in the industrials sector; Honeywell International closed at $202.22 (down 1.58%). United Parcel Service went down 1.03%, closed at $188.29. Union Pacific draws back 0.91% yesterday to close at $209.04.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims projected to come out at 190,000 — worse than previous data of 183,000; data will be released today at 13:30 UTC.
The boiler maker has gained 12.29% since its lowest print of $48.58 earlier this year.