European markets are called to open lower this morning.
Asian stocks fell for the third day this week after Moody’s Investors Service put the U.S. under review for a credit-rating downgrade, hurting the outlook for exporters reliant on a global economic recovery.
U.S. stocks fell from earlier highs but still managed to snap a three-session losing streak Wednesday after Federal Reserve chairman Ben Bernanke reiterated that the central bank remains ready to provide additional stimulus.
The Dow Jones industrial average rose 45 points, or 0.4%, with Caterpillar, Merck & Co. and Walt Disney leading the advance.
The S&P 500 added 4 points, or 0.3%, and the Nasdaq composite gained 15 points, or 0.5%.
Events this week
Thursday — JPMorgan Chase reports its second-quarter results before Thursday’ opening bell, with analysts expecting the commercial banking giant to have earned $1.21 a share according to Thomson Reuters.
There are several economic reports out Thursday morning. The Labor Department will issue its weekly jobless claims report and its June producer price index report, also known as wholesale inflation. The Commerce Department issues its reports on June retail sales as well.
Economists forecast that weekly jobless claims held mostly steady at 419,000 claims, up 1,000 from last week. Retail sales are expected to fall 0.2% for June and the producer price index is expected to fall 0.3%.
Bernanke’ testimony to Congress continues, with the Fed chairman appearing before the Senate’ Committee on Banking, Housing, and Urban Affairs.
After the bell, Internet search giant Google will report its quarterly results. Analysts expect that Google earned $7.86 a share.
Friday — The Labor Department releases its June consumer price index data, the nation’ most common read of inflation, in the morning. Economists are looking for CPI to fall 0.1% versus the 0.2% rise reported in May.
Investors will also get June industrial production figures, the July reading on the University of Michigan consumer sentiment index and the Empire State Manufacturing Index.
Citigroup and toy maker Mattel are slated to report their latest quarterly results in the morning as well.