Durable goods, jobless data on tap
Today is the busiest session of the week for economic data,
featuring durable-goods orders and weekly jobless claims.
The headlines actually begin early in the morning with Germany's Ifo survey of business sentiment, which could affect trading on both sides of the Atlantic.
Durable goods for June and initial claims both follow at 8:30 a.m. ET. Durables are expected to increase 1.8 percent overall, versus a 3.7 percent gain the previous month. Excluding volatile transportation items, economists think growth slowed to 0.3 percent from 0.5 percent.
Initial jobless claims are forecast to inch up to 340,000 from 334,000 last week. Lower rates are potentially bullish because they would suggest fewer people lost their jobs.
The earnings calendar also remains active, with General Motors, 3M, Biogen-Idec, Boston Scientific, Colgate-Palmolive, Harley-Davidson, Hershey, International Paper, L-3 Communications, Dow Chemical, and Bristol-Myers Squibb issuing results before the opening bell. Stabucks and Tempur-Pedic follow in the afternoon.
Friday is quiet, with revised consumer sentiment numbers the only item on the economic calendar.