Gross domestic product
for the 2nd quarter gets its third and final estimate on Thursday at 8:30 a.m. New York time.
The report will contain two of the measures the Federal Open Market Committee considers in deciding whether raise the federal funds rate, economic growth -- the GDP itself -- and inflation, as measured by the GDP report's deflator, statistic the FOMC is said to prefer to the headline-generating consumer price index.
Otherwise, four major economic reports, each in a separate area of the economy, will help shape the narrative of the market during the week.
In real estate, new home sales
will be published on Monday at 10 a.m. New York time.
In manufacturing, look for durable goods orders
, out Wednesday at 8:30 a.m.
Global trade has its moment on Thursday with the release of international trade in goods
at 8:30 a.m.
And the American consumer takes center stage with the release of personal income and outlays
on Friday at 8:30 a.m.
Fed Chair Janet Yellen
has two appearances during the week.
On Wednesday at 10 a.m. she testifies about supervision and regulation before the House Committee on Financial Services
On Thursday she takes part in a forum for minority banking
sponsored by the Kansas City Federal Reserve Bank, at 4 p.m. New York time.
Leading indicators (in descending order of importance):
The interest rate spread
between 10-year Treasuries and the federal funds rate, reported continually during market hours.
The M2 money supply
, at 4:30 p.m. Thursday.
The S&P 500 index, reported continually during market hours.
Average weekly initial claims for unemployment from the jobless claims report at 8:30 a.m. Thursday.
The index of consumer expectations from the University of Michigan consumer sentiment survey at 10 a.m. Friday.
Book of Value: The Fine Art of Investing Wisely
by Anurag Sharma