European markets are called to open positive this morning.
Asian stocks snapped a three-day loss, while U.S. stock futures and oil surged after President Barack Obama said Congressional leaders reached an agreement to raise America’s debt ceiling. The yen, Swiss franc and Treasuries fell.
Stocks are expected to start the week with a relief rally after President Obama announced late Sunday that a bipartisan deal had been reached on the debt ceiling.
Dow Jones industrial average, Nasdaq Composite and S&P 500 Futures were all up more than 1.4% late Sunday.
Events this week
Monday – Investors will get the Institute for Supply Management’ manufacturing report for August at 10 a.m. ET. This closely-watched report is forecast to come in at a reading of 54, according to Briefing.com. That would be down from June’ reading of 55.3.
The Commerce Department will release its June construction spending figures at 10 a.m. ET as well.
In earnings, insurance companies Humana and Allstate are scheduled to report before the opening bell.
Tuesday — Before the bell, Dow component and pharmaceutical giant Pfizer will report its quarterly results. Analysts surveyed by Thomson Reuters expect the drugmaker to post a profit of 59 cents per share, down 4.7% from a year ago.
Other names reporting Tuesday include CBS Corp, agricultural products company Archer Daniels Midland and NYSE Euronext, the parent company of the New York Stock Exchange.
The Commerce Department will release personal income and spending figures at 8:30 a.m. ET. Economists are looking for a 0.1% rise in incomes for June and a 0.1% rise in spending.
Later in the day, the major automakers’ will issue their July sales numbers starting at around 11 a.m. ET
Wednesday — Investors will get the ADP private employment report at 8:15 a.m. ET. Economists expect the private sector hired 95,000 fresh workers in July, down from the 157,000 the sector hired in the prior month.
In other economic data, the Commerce Department will release June factory orders data and the Institute for Supply Management’ will put out its service sector index at 10 a.m. ET. Economists are looking for factory orders to fall 1% and the ISM’ service sector index to fall to a reading of 53.1.
Time Warner, the media giant and parent company to CNNMoney, is expected to report a profit of 56 cents per share when it reports before the bell on Wednesday. Other notable companies reporting results include Clorox, MasterCard and Prudential.
Thursday – The Labor Department’ closely-watched weekly initial jobless claims data comes out at 8:30 a.m. ET, with economists expecting claims to rise to a reading of 405,000 claims from last week’ 398,000 claims.
Food company and Dow member Kraft will report its earnings after the closing bell. Analysts are looking for Kraft to post a profit of 58 cents a share.
Southwest Airlines, CVS Caremark, First Solar and insurance company AIG are also scheduled to report their financial results.
Friday — The week culminates with the Labor Department’ July jobs report, which comes out at 8:30 a.m. ET.
Outside of the government’ non-farm payrolls report, investors will also have earnings from Dow member Procter & Gamble as well as the Washington Post Co. and Viacom.