European markets are called to open negative this morning.
Asian stocks fell for a third day as speculation the U.S. Federal Reserve will announce further measures to stimulate the economy failed to temper concern that German chancellor Angela Merkel’s resistance to common euro-area bonds will prolong the region’s debt crisis.
Wall Street got socked on Thursday as renewed concerns about the U.S. and global economies sent major indexes plunging and pushed gold to a new high and bond yields to a record low.
Events this week
Monday – There are no scheduled economic reports or company earnings out on Monday.
Tuesday – Investors will get the Commerce Department’ new home sales report at 10 a.m. ET. Economists surveyed by Briefing.com are looking for new home sales to decline to 310,000 annualized units, from the 312,000 reported for June.
In earnings, condiment and sauce company H.J. Heinz (HNZ, Fortune 500) will report before the opening bell.
Wednesday – A closely-watched piece of economic data will be the Commerce Department’ report on durable goods for July, which is out at 8:30 a.m. ET. Durable goods, or items designed to last two years or longer, are typically purchased by consumers and corporations when they feel confident about the economy.
Economists forecast that durable good orders rose 2% in July, up from the 1.9% reading in the prior month. Excluding volatile transportation orders, durable good orders are expected to be down 0.4%.
Applied Materials (AMAT, Fortune 500) reports its quarterly results before the bell on Wednesday.
Thursday – The Labor Department’ weekly jobless claims figures will be out at 8:30 a.m. ET. Investors are looking for unemployment claims to fall 8,000 to 400,000 claims.
Friday – Federal Reserve Chairman Ben Bernanke will give his speech at the Kansas City Fed’ annual retreat at Jackson Hole, Wyo.
Also on Friday, the Commerce Department will release its second reading on second quarter GDP at 8:30 a.m. ET, followed by the University of Michigan’ consumer sentiment survey at 9:55 a.m. ET.
Economists expect the Commerce Department to revise second quarter GDP down to 1.1% from a previously-reported 1.3%. The University of Michigan sentiment survey is expected to rise slightly to a reading of 55.4 from the multi-year low of 54.9 reported two weeks ago.