Last week proved a volatile one for stocks, as a series of comments made by various Federal Reserve Board officials sent the market on a roller coaster ride. This week, only one major Fed official is scheduled to deliver remarks about the economy. As a result, investors are likely to shift their focus–at least momentarily–away from the inflation debate and back to the state of the housing market. Several housing reports are to be released this week, including a key study of recent trends in mortgage delinquencies.
Biz Buzz: A daily update on economic and business news
Archive: A comprehensive listing of Biz Buzz columns
Monday, June 19:
MORTGAGE DELINQUENCIES: The Mortgage Bankers Association is to release its quarterly study of mortgage delinquency trends around the country. Since Wall Street is acutely concerned about the financial health of consumers, a sharp increase in the default rate could worry the stock market.
FED SPEAK: Jack Guynn, president of the Federal Reserve Bank of Atlanta, will be in Naples, Fla., to deliver a speech on the U.S. economic outlook. He is likely to be peppered with questions after his remarks about his thoughts on inflation.
EARNINGS TO WATCH: Circuit City Stores.
Tuesday, June 20:
HOUSING STARTS: The Commerce Department will release figures this morning on housing starts in May. With demand for new homes slowing–and the inventory of housing stock on the rise–many believe home builders are slowing the pace at which they are breaking ground on projects.
EARNINGS TO WATCH: Apollo Group and Kroger.
Wednesday, June 21:
PRESIDENTIAL TRIP: President Bush will be in Austria today to attend a summit between U.S. and European Union leaders.
EARNINGS TO WATCH: Bed Bath & Beyond, Darden Restaurants, FedEx, and Morgan Stanley.
Thursday, June 22:
LEADING ECONOMIC INDICATORS: The Conference Board will release the latest results of its closely watched index of leading economic indicators.
EARNINGS TO WATCH: Del Monte Foods, Family Dollar, Oracle, and Rite Aid.
Friday, June 23:
DURABLE ORDERS: The Commerce Department will report on the nation's appetite for big-ticket items in May. Economists often look to trends in durable-goods sales to determine the state of corporate and household spending.
