Busy agenda keeps focus on rates
Attention is likely to focus on interest rates this week amid a flurry of economic news.
Durable-goods orders get the ball rolling at 8:30 a.m. ET. Forecasters anticipate 3 percent growth overall in June, up from a 2.2 percent drop in the previous month. Excluding volatile transportation equipment, it's expected to rise 0.5 percent, compared with a flat reading in May.
Germany's Ifo business-climate survey and Norfolk Southern's earnings are also scheduled for the pre-market. Eastman Chemical, Hartford and Baidu follow in the afternoon.
Tomorrow brings the Case-Shiller index of home prices and consumer confidence. Pfizer, Merck, Ford, DuPont, D.R. Horton, Masco, LabCorp, Textron, and Cummins issue results before the opening bell. Gilead Sciences, Edward Lifesciences, C.H. Robinson, Citrix Systems, Express Scripts, IAC/Interactive, NCR, Vasco Data Security, and Yelp follow after the close.
Wednesday's big event will be the Federal Reserve's meeting, but German retail sales, U.S. mortgage applications, pending home sales, and crude-oil inventories come out as well. General Dynamics, International Paper, Garmin, Goodyear Tire, Eaton, and ADT are scheduled for the morning session. Facebook, MetLife, Western Digital, Marriott, and Baxter report after Wednesday's close.
Thursday features the Commerce Department's initial estimate for second-quarter gross domestic product, European business confidence, U.S. jobless claims, and natural-gas inventories. ConocoPhillips, Cardinal Health, Starwood Hotels, ADP, and Borg-Warner report in the pre-market. Amgen, Electronic Arts, Expedia, KLA Tencor, and Legget & Platt follow in the afternoon.
Friday's lineup includes European inflation and the Chicago Purchasing Managers Index. Exxon Mobil, Chevron, and Tyco issue results.
It's an unusual week because four straight sessions have items with the potential to shape interest-rate expectations. Today's is durable goods, tomorrow's is consumer confidence, Wednesday's is the Fed's announcement, and Thursday's is GDP.
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