Central bankers from the United States and Europe dominate
U.S. Federal Reserve Chair Janet Yellen will speak at 10 a.m. ET,
followed by European Central Bank President Mario Draghi at 2:30
p.m. ET. Both appear before the Fed's annual symposium in Jackson
Draghi is likely to have a bigger impact because he said earlier in
the month that the ECB may buy assets to boost European growth.
Economic reports from the region have remained weak since those
comments were made, and the euro has crumbled to 11-month lows in
expectation of easier policy.
Yellen's Fed, on the other hand, is in the process of removing
monetary stimulus as U.S. growth improves. The timetable for her
actions is more predictable than Draghi's.
Next week is relatively uneventful, few major headlines and summer
vacations in full swing. The only items Monday are new-home sales
and earnings by Qihoo 360 Technology.
Tuesday brings durable-goods orders, plus the Case-Shiller and FHFA
house-price indexes. Best Buy reports earnings in the morning, and
Analog Devices announces results in the afternoon.
Wednesday features weekly mortgage applications and crude-oil
inventories. Tiffany, Express, and Chico's issue results before the
Thursday is the busiest session, with revised estimates of
second-quarter gross domestic product and weekly jobless claims.
Dollar General and Abercrombie & Fitch report in the
pre-market. OmniVision Technologies and Splunk follow in the
The week concludes Friday with personal income, the Chicago
Purchasing Managers Index and final estimates for the University of
The following weekend lasts three days because of Labor Day on