Stock futures were lower ahead of a busy week of earnings. So far third quarter results have generally come in above expectations. It is still early in the reporting period, but approximately 83% of the S&P 500 companies that have reported, have beat analyst forecasts. The latest company to top estimates is Citigroup. Apple and IBM are two other notables reporting today.
Economic data is light this week and the focus will be on housing and manufacturing. The industrial production report and the housing market index are scheduled for today. Tomorrow we will see housing starts. On Thursday we will get the weekly jobless claims number, the index of leading indicators, and the Philadelphia Fed Survey.
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