Expect a hectic week on Wall Street with a slew of new data due out on the health of the economy. Headlining this week are two key housing market reports, as well as a new government estimate for economic growth in the third quarter.
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Monday, November 27:
EARNINGS TO WATCH: Bayer
Tuesday, November 28:
EXISTING HOME SALES: The National Association of Realtors is due to report on sales of used homes in October. In September, existing-home sales dropped 1.9 percent vs. the prior month. But compared with September 2005, sales fell by more than 14 percent.
CONSUMER CONFIDENCE: The Conference Board will release the latest results of its closely followed index of household sentiment, just in time for the critical holiday shopping season.
EARNINGS TO WATCH: Chico's, Jackson Hewitt, and Restoration Hardware
Wednesday, November 29
ECONOMIC GROWTH: The Commerce Department's Bureau of Economic Analysis will update its preliminary assessment for gross domestic product in the third quarter. Last month, the government announced that GDP had grown approximately 1.6 percent in the late summer months. If that estimate holds, it would mark a significant slowdown from the second quarter, when GDP rose at an annual rate of 2.6 percent.
CORPORATE PROFITS: The Bureau of Economic Analysis will also offer its assessment of corporate profit growth in the third quarter. Corporate profit growth has been one of the key drivers of this bull market, but the government reported that earnings growth fell off sharply in the spring.
NEW-HOME SALES: Today, the Commerce Department will report on new home sales in October. In addition to the total number of new homes sold, pay close attention to trends in sale prices. Median new-home prices plummeted 16 percent from April to September to $217,100.
BEIGE BOOK: The Federal Reserve will release its latest Beige Book report, which offers anecdotal evidence of the health of the economy in each of the Fed's 12 districts.
EARNINGS TO WATCH: Aeropostale, Tiffany & Co., and TiVo
Thursday, November 30:
EARNINGS TO WATCH: H&R Block and H.J. Heinz Co.
Friday, December 1:
AUTO SALES: The Big Three automakers will reveal their most recent sales figures on auto and truck sales.
ISM INDEX: The Institute for Supply Management will release the latest results of its closely watched manufacturing index, which gauges factory activity in the United States.
