European markets are called to open higher this morning. The London Stock Exchange is closed for bank holidays.
Asian stocks extended their gains for the third day after Federal Reserve Chairman Bernanke said the world’ biggest economy is graudually recovering and he has tools to spur growth.
With no disruption in trading expected from Hurricane Irene, investors will quickly turn their attention to the state of the labor market, with the key government report due out Friday.
Events this week
Monday: Investors will get the July numbers on personal income and spending ahead of the market open. Economists expect both figures to rise 0.4% and 0.5% respectively, according to Briefing.com.
Pending home sales figures for June are slated to come in after the open and are expected to fall 1.4%, despite rising 1.4% the prior month.
Tuesday: The Case-Shiller 20-city Index will release its June numbers ahead of the opening bell. The index is expected to fall 4.7% for June after dropping 4.51% the previous month.
Retailers Barnes & Noble (BKS, Fortune 500) and Dollar General (DG, Fortune 500) will report quarterly results before the opening bell.
Wednesday: Investors will get the ADP private employment report at 8:15 a.m. ET. Economists expect the private sector hired 100,000 fresh workers in August, down from the 114,000 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. T
Thursday: The Labor Department’ closely-watched weekly initial jobless claims data comes out at 8:30 a.m. ET, with economists expecting claims to drop slightly to a reading of 408,000 claims from last week’ 417,000 claims.
Wall Street will get the Institute for Supply Management’ August manufacturing index, as well as construction spending figures from the Commerce Department.
Economists expect the August ISM index will fall to a reading of 47 from last month’ 48.5, while construction spending figures are expected to increase 0.1%, down slightly from last month’ 0.2% increase.
Friday: The week culminates with the Labor Department’ August jobs report, which will be released at 8:30 a.m. ET. Economists expect unemployment to stay steady at 9.1%. Payrolls are forecast to grow by 75,000 jobs in August below last month’ 117,000.
Analyst will also keep an eye out for Campbell Soup (CPB, Fortune 500), which reports quarterly results before the open.