Initial jobless claims and corporate earnings are the main
events on today's calendar.
Claims, scheduled for 8:30 a.m. ET, are expected to show 330,000
Americans sought unemployment benefits for the first time last
week, down from 374,000 in the previous period. Lower readings
would be considered bullish and higher numbers bearish.
Under normal circumstances, housing starts and building permits for
September would come out at the same time but it's not clear they
will be released because the Commerce Department was closed during
the government shutdown. Economists expected starts of 915,000 on
an annualized pace, up from 891,000 in August. Permits are expected
to increase to 932,000 from 918,000.
The Federal Reserve follows with September industrial-production
data at 9:15 a.m., which seldom impacts sentiment because it's
foreshadowed by other reports.
The Philadelphia Fed issues its regional activity index at 10 a.m.
Economists forecast it will slow to 7 from 22.3. While it usually
has no effect on trading, it provides clues on the direction of the
Big earnings reports come in the morning from Goldman Sachs, Baxter
International, UnitedHealth, Union Pacific and Verizon
Communications. The afternoon brings Google, Capital One, Las Vegas
Sands and Intuitive Surgical.
Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.