Housing, manufacturing: On Tuesday (10 a.m.) we get existing home sales, followed on Wednesday (also 10 a.m.) by new home sales. Both are July numbers. Durable goods orders come at 8:30 a.m. Wednesday.
Economic growth (GDP): The headlines last week were all about how the Fed is bailing to save the recovery. On Friday (8:30 a.m.) we’ll get a better sense of how big a bucket Fed Chief Ben Bernanke might need, as the government releases its revision of second-quarter GDP. The initial figure of 2.4 percent growth is expected to head south, to 1.4 percent.
Japan easing: Stocks across Asia bounced higher this past week on expectations that Japan will follow the Federal Reserve back into easing. A new stimulus packages might follow. A meeting on Monday between the Japanese prime minister and the head of the Bank of Japan could confirm the easing rumor or squash the rally.
Fed speech: On Monday, the Chicago Fed releases its national activity index (8:30 a.m.). Investors watch this for a sense of inflation to come. Charles Evans, president of the Chicago Fed, is scheduled to speak Tuesday morning at a breakfast in Indianapolis. In early June, Evans reaffirmed the Fed’s “ultra low” interest rate policy and predicted joblessness would remain high.
Major earnings reports: Barnes & Noble, DSW, Medtronic, Burger King, Pacific Sunwear (Tuesday), American Eagle, Perry Ellis, Toll Brothers, Guess?, JDS Uniphase (Wednesday), J. Crew, Novell (Thursday), Tiffany & Co. (Friday) are all due out.
Thanks to my friends at www.moneynews.com for putting this in my email box!