Investment banks

Bear Stearns

(BSC)

and

Lehman Brothers

(LEH)

report their fiscal fourth-quarter earnings today.

It should be interesting how the market is affected by these earnings announcements in light of

yesterday's interest rate cuts by the

Federal Reserve. Initially, sentiment on Wall Street was that there would be no moves by the Fed until after the

employment report was released. However, the Fed made the surprise announcement yesterday afternoon resulting in a strong rally in the stock market.

With that in mind, keep your eyes peeled for the

initial jobless claims report, which is due out today before the bell. This timely indicator is considered a good gauge of the condition of the labor market. Furthermore, it should provide some clues as to the tone of Friday's

employment report.

As for monthly releases,

factory orders for November and the

Purchasing Managers Non-Manufacturing Index for December also report today. However, these lightweight indicators should not have much of an impact on today's market.

Expected Earnings Reports

This table includes S&P 500 companies only. Dates are as expected according to First Call/Thomson Financial, and may change. The full week's earnings calendar is published separately.

Economic Data

(

Forecasts are from

Reuters

. Times are Eastern. For a longer-term economic calendar and more, see

TSC's

Economic Databank.

)

  • 8:30 a.m.: Initial Jobless Claims for the week ended Dec. 30. Source: Labor Department. Forecast: n.a.. Previous: 333,000.
  • 10 a.m.: Factory Orders for November. Source: Census Bureau. Forecast: +1.3%. Previous: -3.3%.
  • 10 a.m.: Purchasing Managers Non-Manufacturing Index for December. Source: National Association of purchasing Management. Forecast: n.a.. Previous: 58.5.