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Home sales are only report today

Mike Yamamoto (mike.yamamoto@optionmonster.com)

The only data release on today's economic calendar is new-home sales at 10 a.m. ET.

The consensus forecast calls for 487,000 sales for July, slighly below the 497,000 of the previous reading. Traders have been monitoring housing data closely as homebuilders try to rebound from their months-long slide.

Attention will also be focused on appearances by Federal Reserve Vice Chair Janet Yellen, who will be leading panel discussions today at the central bank's annual meeting in Jackson Hole, Wyoming. Remarks by Yellen, a leading candidate to succeed Chairman Ben Bernanke, will be scrutinized for any clues about changes in the Fed's monetary policy.

Companies reporting earnings this morning include closeout chain Big Lots, apparel company Ann, shoe retailer Foot Locker, and sporting-goods chain Hibbett Sports.

Next week's calendar begins with durable goods on Monday, followed by the Case-Shiller housing index and consumer confidence on Tuesday. Pending home sales, revised GDP, and Chicago PMI will be reported later in the week.

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