Bank of America and the Fed dominate today's calendar, but there
are other items on the agenda.
BAC reports earnings before the opening bell, along with industrial
supplier Fastenal. Railroad CSX follows in the afternoon.
The Mortgage Bankers Associate reports weekly loan applications at
7 a.m. ET. The Commerce Department's producer-price index for
December is scheduled for 8:30 a.m. ET. Economists expect an
increase of 0.3 percent and 0.1 percent excluding food and energy.
The previous month's readings were -0.1 percent and 0.1 percent
respectively. The index seldom impacts sentiment.
The New York Federal Reserve's Empire manufacturing index comes out
at the same time. Although it doesn't usually affect trading, the
report is a useful forward-looking indicator.
Crude oil inventories come next at 10:30 a.m. ET.
The last report is the national Fed's Beige Book survey of economic
conditions at 2 p.m. ET. Traders will likely read the report for
indications on the direction of interest rates, potentially
Tomorrow is the busiest day of the week, with results from
companies including Citigroup, Goldman Sachs, American Express, and
Intel. Jobless claims, consumer prices, and homebuilder sentiment
are also scheduled.
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