Earnings reports, economic data and retailer same-store sales results will be the focal point this week. Roughly 100 of the S&P 500 companies are set to report their earnings. Some of the bigger names this week include Cisco, Merck, Kraft Foods, Time Warner, and Walt Disney.
In terms of today's economic data, both income and spending dropped further in December. Personal income dipped 0.2%, following a 0.4% fall in November. The December drop was not as bad as the consensus projection for a 0.4% decrease. Consumer spending fell 1.0% after a 0.8% drop the prior month. Overall the numbers are about as expected, but clearly indicate a slowing economic environment.
There will be several other potential market-moving economic releases this week, beginning with a report on construction spending and the ISM Manufacturing Index today. Pending home sales data will be released Tuesday, while weekly jobless claims and same-store sales data is scheduled for Thursday. We will end the week with the government’s Employment Situation report.
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