Next week’s trading agenda will be dominated by economic data, including the market’s first read of third quarter gross domestic product on Wednesday.
Wall Street will also remain up to their knees in earnings reports next week, with nearly a quarter of the S&P 500 will reporting results.
Monday –
Dow member Verizon Communications (VZ) will be the biggest name to report on Monday among the dozens of companies who will report this day. Analysts are looking for Verizon, the nation’s second-largest communications company, to report a profit of 60 cents a share.
Other names to report on Monday include electronics retailer RadioShack (RSH), publishing house McGraw-Hill (MHP) and glass maker Corning (GLW).
There is no major economic data schedule for Monday’s session
Tuesday –
Dozens of S&P 500 members from a whole host of industries will report earnings on Tuesday, giving Wall Street a broad view of last quarter’s business environment. Some names to report on Tuesday include credit card processor Visa (V), steel company U.S. Steel (X), auto parts manufacturer Johnson Controls (JCI) and restaurant chain holding company DineEquity (DIN), among many others.
For economic data on Tuesday, Wall Street will get September durable goods orders from the Commerce Department, the S&P Case/Shiller Home Price Index for August and finally October consumer confidence figures from the Conference Board. All three economic data points have the potential to move the market.
Wednesday –
In a similar manner to Tuesday’s trading session, no one company will dominate Wall Street’s agenda on Wednesday. Some names to report include bottler Coca-Cola Enterprises (CCE), oil giant ConocoPhillips (COP), drug maker GlaxoSmithKine (GSK) and German technology company S.A.P. (SAP).
Traders will get September new home sales data from the Commerce Department on Wednesday along with weekly oil inventory figures from the Energy Department.
Thursday –
This week on Wall Street will culminate with the release of the third quarter GDP report from the Commerce Department. The GDP report will be an important read on the U.S. economy because it could show that the nation’s economy actually expanded in the third quarter, an official sign that the recession that has lasted since December 2007 is finally over.
Economists expect that Wednesday’s U.S. gross domestic product report, which measures all goods and services produced by a country at a particular moment, expected at a 3.1% annual rate in the third quarter. It would be the first quarterly expansion of GDP since the second quarter of 2008.
The other major report out on Thursday is weekly initial jobless claims data from the Labor Department.
Several large industrial and service sector companies will report on Thursday that the potential to move sectors of the stock market. Exxon Mobil (XOM), the world’s largest publicly-traded oil company, will head to the earnings stage before the opening bell.
Consumer-products giant Procter & Gamble (PG) is expected to post slightly lower results from a year earlier on consumers' spending pullback.
Other names to report include health insurer Aetna (AET), breakfast foods company Kellogg (K)and home products company Colgate-Palmolive (CL). In the overseas markets, German bank Deutsche Bank (DB) will report before Thursday’s opening bell.
Friday –
Dow member and oil company Chevron (CVX) will be the largest name to report on Friday, following up Exxon’s numbers from the day prior.
Wall Street will get personal income and spending figures from the Commerce Department before the opening bell. The Institute for Supply Management will release its Chicago purchasing managers’ index will be released shortly after the opening bell, followed by consumer sentiment figures from the University of Michigan.
Other names to report on Friday include cosmetics company Estee Lauder (EL), Japanese electronics giants Sony (SNE) and Panasonic (PC), power company Duke Energy (DUK) and diesel engine builder Cummins (CMI).
Stocks appear headed to sharply higher openingEarly-Market Movers: Harvest Energy, Equinix
