Today's economic calendar is a very active, with three major
economic headlines on the agenda.
ADP's private-sector payrolls report for July gets the ball rolling
at 8:15 a.m. ET. Forecasters are looking for a gain of 215,000,
down from 281,000 the previous month.
Second-quarter gross-domestic product follows 15 minutes later and
will likely be the most important number of the day. Economists
expect growth of 3.2 percent versus contraction of 2.9 percent in
the first quarter. GDP disappointed by a wide margin in the first
quarter because of bad weather and slower inventory growth.
Weekly crude inventories will be released at 10:30 a.m. ET.
The final big event of the day is the Federal Reserve's monetary
announcement at 2 p.m. ET. The central bank is expected to reduce
bond buying under its quantitative-easing program to $25 billion
from $35 billion, and its key overnight lending rate is expected to
remain unchanged at 0.25 percent.
The earnings calendar features oil refiners including Valero
Energy, Phillips 66, and Tesoro. Other big names include WellPoint,
Pitney Bowes, Hess, Kraft Foods, Lam Research, and Akamai
Technologies. (See researchLAB's
for a more complete schedule.)
Tomorrow brings initial jobless claims and the Chicago Purchasing
Managers Index. Energy remains in focus as Exxon Mobil, Occidental
Petroleum, Apache, and Marathon Petroleum report.
The week concludes with non-farm payrolls and the Institute for
Supply Management's manufacturing index on Friday morning. Chevron,
Procter & Gamble, and Clorox announce results as well.
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