The major index composites have been under pressure as the negatively skewed
economic posts continue to mount. The DJIA, Nasdaq and S&P 500 all finished in
the red for the week last week and should be under pressure again to begin the
week due to the recent downgrade in the United States credit rating. Trends in
the marketplace have been choppy and the market environment has been volatile.
Investors on Wall Street expect to see the volatility continue this week. Stock
futures are already feeling the effects of the downgrade as futures sold off.
Investor sentiment is dropping and trends should reveal as much as todays
session moves forward. Little economic news is scheduled for today and trends
are likely to move in negative territory. The downgrade in the U.S., paired with
negative sentiment relative to eurozone debt worries should apply pressure this
day. Noteworthy economic posts this day will stem from DTG Dollar Thrifty
Automotive and Carmike Cinemas. On Tuesday, the Labor Department will post data
pertaining to productivity and unit labor costs. The data is expected to skew
negative. The Federal Reserve will release its policy decision in the afternoon.
Noteworthy earnings this day will post via Intercontinental Hotels IHG and after
closing bell, Walt Disney will post earnings data. Wednesday, the weekly report
on mortgage applications will post via the Mortgage Bankers Association and the
Energy Department will post its weekly report on crude oil inventories.
Investors will also get to process data relevant to the June wholesale
inventories this day. Earnings data this day will stem from Macys, Cisco Systems
and News Corporation. Thursday, as usual, will bring us data pertaining to
weekly jobless claims. This report from the Labor Department posts in the a.m.
and is expected to reveal that more Americans are filing for first time
unemployment. The Labor Department will also provide data this day regarding the
trade balance figures. Kohls, Nordstrom and Molycorp will post earnings data
this day. On the final trading session of the week, the University of Michigan
will release its consumer sentiment reading for August and the Commerce
Department will release its July retail sale data. July sales may show gains due
to the better than expected auto sales in July. Noteworthy earnings data this
day will stem from JC Penney. Frank Matto
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