Today's agenda includes industrial, consumer and inflation data.
The Bureau of Labor Statistics kicks off with its July producer
index price at 8:30 a.m. ET. Economists forecast increases of 0.2
percent for both the main number and excluding food and energy.
They rose 0.4 percent and 0.2 percent, respectively, the previous
month. PPI is unlikely to have a big impact on sentiment because
inflation is not currently a worry.
The New York Federal Reserve's Empire index is due at the same
time. It's expected to come in at 15.5, down from 25.6 in July.
The national Fed follows with last month's industrial-production
and capacity utilization numbers at 9:15 a.m. Economists are
looking for production to rise 0.3 percent, up from 0.2 percent in
June. They anticipate that utilization will climb to 79.2 percent
from 79.1 percent.
Perhaps the most important data point of the morning comes last:
the University of Michigan's consumer-sentiment gauge at 9:55 a.m.
Economists expect a reading of 81.7, down from 81.8 the previous
The only noteworthy company that reports earnings today is Estee
Next week's calendar is relatively quiet. The big themes are
retailer earnings and global manufacturing data.
Chinese house prices come out Sunday night, which could impact
trading Monday morning. NAHB also reports its housing-market index
during the normal session, which could impact trading in
homebuilders. JinkoSolar reports earnings before the opening bell
and Urban Outfitters follows in the afternoon.
Tuesday morning brings consumer prices and housing starts and
building permits, along with earnings from Home Depot, TJX,
Medtronic and Dick's Sporting Goods. Youku Tudou reports earnings
and Japanese trade numbers follow after the close.
Wednesday's premarket names include Lowe's, PetSmart, Staples,
Target, American Eagle Outfitters, JA Solar and E House China
Holdings. Minutes from the last Fed meeting is the big economic
event. Hewlett-Packard and L Brands report after the closing bell.
The following overnight session brings preliminary manufacturing
data for China and Europe. Thursday morning brings initial jobless
claims, existing home sales, the Philadelphia Fed's regional
activity index and Dollar Tree earnings. Gap, Aeropostale,
GameStop, Ross Stores, Salesforce.com and Intuit follow in the
Friday is quiet, with Foot Locker earnings as the only event.
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