Today's calendar focuses on interest rates, housing, and
Weekly mortgage applications at 7 a.m. ET get the ball rolling. The
news could affect sentiment toward housing and financials because
it may show whether a recent rise in borrowing costs has hurt
demand for home loans.
June housing starts and building permits follow at 8:30 a.m. ET.
Economists are expect an annualized reading of 958,000 on the
starts and 1 million on the permits. Higher readings or lower
readings could affect trading in homebuilders.
The biggest event is probably an appearance by Federal Reserve
Chairman Ben Bernanke before the House Committee on Financial
Services at 10 a.m. ET. His testimony will be watched closely for
clues about the central bank's plans to buy bonds and keep interest
The Fed will separately release its Beige Book survey of economic
conditions at the same time. Thirty minutes later, weekly crude-oil
inventories get announced by the Energy Department.
Corporate earnings include Bank of America, Textron, Mattel, and
U.S. Bancorp before the opening bell. American Express, eBay, IBM,
Select Comfort follow in the afternoon.
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