Today's calendar includes moderately important economic data and
lots of earnings reports, with Amazon and Microsoft topping the
Germany, France, and the Eurozone announce composite purchasing
managers indexes early in the session, which could affect trading.
The first data release on this side of the Atlantic is initial
jobless claims at 8:30 a.m. ET. Economists expect a reading of
341,000, down from 358,000 in the previous week.
A lower number would suggest that fewer Americans lost their jobs,
while a higher one would mean the opposite. It could sway sentiment
because weak employment would give the Federal Reserve more reason
to keep stimulus in place when its next monetary announcement is
released on Oct. 30.
The monthly trade balance for August will be reported at the same
time and is expected to narrow to $38.6 billion from $39.1 billion
in the previous month. It usually has little effect on trading.
New-home sales for September follow at 10 a.m. ET and are expected
to come in at a 432,000 annualized pace, compared with 421,000 in
August. The data will probably be dismissed because the recent drop
in interest rates should improve demand for housing.
Companies issuing results before the opening bell include Franklin
Resources, Cameron International, Coca-Cola Enterprises, Celgene,
Dow Chemical, Ford, Starwood Hotels & Resorts, International
Paper, 3M, PulteGroup, and Xerox.
AMZN and MSFT are the big names in the afternoon. Others include
Eastman Chemical, KLA-Tencor, Western Digital, and Wynn