European markets are called to open lower after S&P cut the US credit rating from AAA to AA+.
AAA credit rating. Gold jumped to a record and the Swiss franc climbed to an all-time high against the dollar.
Expected to open lower after the downgrade by S&P.
Events this week
Monday — There is no economic data out on Monday and only a handful of company earnings, including results from Tyson Foods (TSN, Fortune 500).
Tuesday — All eyes will be on the Federal Reserve when it releases its policy decision at around 2:15 p.m. ET.
After the closing bell, Dow component Walt Disney will head to the earnings stage. The media giant is expected to earn a profit of 73 cents a share.
Wednesday – Dow member and technology giant Cisco Systems reports its quarterly results after the closing bell. Analysts are looking for it to report a profit of 38 cents a share, according to Thomson Reuters.
Also reporting after the closing bell is media company News Corporation (NWSA, Fortune 500), which has recently been in the news due to its alleged part in the U.K.’ phone hacking scandal.
The sole economic report out on Wednesday is June wholesale inventories, which are expected to rise 1%.
Thursday – Investors will get the Labor Department’ weekly jobless claims report and U.S. trade balance figures at 8:30 a.m. ET. The number of people filing for unemployment benefits is expected to climb to 409,000 and economists expect the U.S. will post a $48 billion trade deficit for June.
Companies reporting on Thursday include chip maker Nvidia (NVDA), and retailers Kohl’ (KSS, Fortune 500) and Nordstrom (JWN, Fortune 500).
Friday – The Commerce Department will release its July retail sales report at 8:30 a.m. ET. Economists are looking for retail sales to climb 0.5%, or 0.2% excluding volatile car and truck sales.
Also out on Friday is the University of Michigan’ consumer sentiment reading for August and the Commerce Department’ June business inventory report.
JC Penney (JCP, Fortune 500) will report its quarterly results, with analysts expecting the retail chain to post a profit of 6 cents a share.