Economic: ISM Index for July expected to drop slightly from 56.2 to 54.2 within expansion territory. Construction spending (-0.8% vs. prior -0.2%).
Earnings: Mostly second-tier announcements (AGN, CNA, HUM, NRG, B, OSK and VRX) premarket. After Hours action finds similar pattern (CRL, DVA, BGC, POWI, SNCR and VMC) with software and NASDAQ 100 component VeriSign (VRSN) in a mostly dimmed spotlight.
Other Notables: Earnings in full swing this week but losing market muscle with investors. Always possible "Merger Monday" headlines with Genzyme (GENZ) chatter of late and European-based chills or thrills (FXE, UUP, TLT and GLD).
A heavy calendar of economic data will gain increased focus this week versus earnings as a potential market mover. Friday's nonfarm payrolls, as always, will be the most closely-watched report and gaining a bit of increased importance amongst investors following "Bear-nanke's" recent "unusually uncertain" economic environment.
Tuesday:
Economic: Income / Spending data (0.1% vs. 0.4% and 0.0% vs. 0.2%), PCE Prices Core (0.1% vs. 0.2%), June Factory Orders (-0.5% vs. -1.4%), Pending Home Sales (-5.0% vs. -30.0%) and July Auto / Truck sales.
Earnings: Flurry of market-sensitive releases (ADM, BHI, CLX, DTG, DHI, EMR, MRO, MMC, NYX, OZM, OMX, OSG, RDC, SII, SMG) with Procter & Gamble (PG), Coach (COH), Cognizant (CTSH), Dow Chemical (DOW) and MasterCard (MA) in focus premarket.
Waning corporate muscle (APC, SAM, CHK, ERTS, PEET, STEC, TRLG, INT, WMS) in After Hours with Priceline (PCLN) and Whole Foods (WFMI) two of the more liquid and volatile NASDAQ 100 components reporting.
Wednesday:
Economic: Private employment for July from ADP expected to show slight improvement from 13,000 to 25,000 hired. ISM Services (53.0 vs. 53.8) and Weekly Crude data.
Earnings: Secondary reports (AGU, AFAM, CAM, DVN, GRMN, ICE, OC, RL, PWR, PHM and Q) in premarket. Similar tale of likely indifference for broader market in After Hours (ALL, ATW, CLR, CXW, EGLE, SOLR, EXM, HIG, IPI, JACK, MELI, MUR, ONNN, PRU, SINA, SD, TS, AUY). Potentially volatile, once-tarnished insurer Hartford (HIG) and current growth standout MercadoLibre (MELI) report.
Thursday:
Economic: Weekly Claims (455K, 4.53M).
Earnings: Continued flurry of reports (ACM, ATK, BZH, BVF, CVC, DTV, CI, FWLT, FTO, FSYS, HEW, HOC, LAMR, KLIC, LIZ, MED, OMG, TWC, TDW). Recent IPO, derivatives exchange CBOE (CBOE) and "now open for business" to option traders reports its results.
After Hours tickers: (CF, ATVI, NILE, CROX, DIOD, ELX, HANS, HAR, KFT, MCHP, PSA, SAPE, SGMS, SWN, TBSI, WTW and VCLK).
Friday:
Economic: July Nonfarm Payrolls expected to drop -87,000 on top of June's -125,000, while private jobs are forecast to increase 82,500 versus prior gain of 83,000. Unemployment anticipated to show an uptick from 9.5% to 9.6%.
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