European markets are called to open positive this morning.
Asian shares snapped their biggest rally in five months and U.S. stock futures declined amid weaker earnings and before data that may show the global economy is stalling.
U.S. stocks posted major advances on Tuesday, following a report from the FDIC that showed the number of failing banks shrank for the first time in nearly five years.
Events this week
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.