Economic data will take precedence over earnings next week. Home sales, gross domestic product, and personal income and spending will all be released early next week ahead of the Thanksgiving holiday.
Economists predict reports on October existing and new home sales, to be released Monday and Wednesday, respectively, both will show growth from the previous month, continuing the general trend since late spring. On Tuesday, the S&P Case-Shiller index will detail September home sales prices in 20 major metropolitan areas.
The government is likely to revise its estimate of third-quarter GDP on Tuesday to 3% growth, from its initial 3.5% figure. Also out that day is the nonprofit Conference Board's November consumer confidence index and the final November figure of the Reuters-University of Michigan consumer confidence index. The next day, the government reports on October durable goods orders and October personal income and spending.
The Federal Reserve will release minutes from the recent meeting of its interest-rate panel Tuesday. Reports on regional manufacturing activities are due Monday from the Chicago Fed, Tuesday from the Richmond Fed and Wednesday from the Kansas City Fed.
Medical-devices giant Medtronic (MDT) will report fiscal second-quarter results Tuesday, and its outlook and recent performance in the implantable heart rhythm-device market will be top issues.
Barnes & Noble (BKS), which reports Tuesday, is expected to post a wider fiscal second-quarter loss, excluding items, than a year earlier on slightly higher revenue. Also reporting Tuesday is rival Borders Group Inc. (BGP).
Deere & Co. (DE), the world's largest manufacturer of farm equipment by sales, will report sharply weaker fiscal fourth-quarter results Wednesday. Demand for tractors and combines held up longer than other types of machinery and capital equipment, but Deere's sales have been cooling rapidly in recent months as prices for corn and other farm commodities retreat from the record high levels in 2008.
Senate Majority Leader Harry Reid, (D., Nev.) has scheduled a key procedural vote Saturday evening that will allow the Senate to formally consider health-care reform legislation. If Reid secures 60 votes - the number needed to break a filibuster - the Senate will begin debate on the bill after legislators return from the Thanksgiving recess. The $848 billion bill extends insurance coverage to Americans lacking it.
The bond markets could come under pressure next week after the U.S. announced a record $118 billion of two-, five- and seven-year Treasury issuance. Still, foreign demand for long-term U.S. financial assets grew in September from the previous month, according to a Treasury Department report released this week.
Sales hike brightens GM’s future, analysts sayWeek Ahead: Retail Sales, Earnings
