Expect a relatively quiet summer week on Wall Street. If there is any big news to report this week, it will probably emerge from the real estate market. This week, two key housing reports are due to be released that will shed light on new- and existing-home sales.
Biz Buzz: A daily update on economic and business news
Archive: A comprehensive listing of Biz Buzz columns
Monday, August 21:
EARNINGS TO WATCH: Lowe's Companies
Tuesday, August 22:
INVESTOR CONFIDENCE: State Street will release the latest results of its investor confidence index, which gauges Wall Street sentiment by considering the types of investments held in investor portfolios. In July, the investor index slid sharply on fears over oil prices and inflation. But now that inflation fears have subsided somewhat, don't be surprised if the index recovered in August.
FED SPEAK: Michael Moskow, president of the Federal Reserve Bank of Chicago, is scheduled to deliver a speech on the economy at a luncheon in Bloomington, Ill. Meanwhile, Atlanta Fed President Jack Guynn is expected to share his thoughts on the economy at a Kiwanis Club meeting in Atlanta.
EARNINGS TO WATCH: Borders Group, Intuit, Toll Brothers
Wednesday, August 23:
EXISTING HOME SALES: It's become clear that the housing market is cooling. This morning, the National Association of Realtors will report on just how cool the real estate market became in July. Pay close attention to the median price on existing homes sold last month, which has fallen gradually throughout the year.
EARNINGS TO WATCH: Chico's, Dollar Tree Stores, and PetroChina
Thursday, August 24:
NEW HOME SALES: Today, the Commerce Department will report on sales of newly constructed homes in July. Pay close attention to the inventory of new homes still on the market. One of the reasons the housing market is cooling is that the supply of new homes on the market has outpaced demand.
MORE FED SPEAK: The Kansas City Fed's annual economic symposium in Jackson Hole, Wyo., is scheduled to begin today. Fed Chairman Ben Bernanke is expected to attend.
EARNINGS TO WATCH: J. Crew Group, Jackson Hewitt, Toronto Dominion Bank, and Williams-Sonoma
