On Tap Today: GDP and Chicago PMI Released; Greenspan Speaks to House
(Updated from 6:02 a.m.)Today's market-moving events are led by Fed Chairman Alan Greenspan's testimony to the House Financial Services Committee, which kicks off at 9:30 a.m. EST.
There is also another slew of important economic data with the preliminary
gross domestic product report for the fourth quarter and the the February
Chicago Purchasing Managers Index. The index serves as a barometer for factory-sector expansion and usually moves markets. Along with the
Philly Fed Index, it is considered a good gauge of what to expect from the
PMI.
In earnings news, bargain retailers
TJX
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and
Consolidated Stores
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report their fourth-quarter earnings.
Ahead of earnings, Consolidated announced that its same-store sales rose 3.7% in January. Shares of the Delaware-based company traded up 8.1% to finish at $14.54 yesterday.
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.
)
- 7 a.m.:
Mortgage Applications Survey for the week ended Feb. 24. Source:
Mortgage Bankers Association Refinancing Index: Forecast: N/A. Previous: 2346.1.
Purchase Index: Forecast: N/A. Previous: 274.3.
8:30 a.m.: Gross domestic product for Q4 preliminary. Source:
Commerce Department. Forecast: +1.0%. Previous: +1.4%.
Implicit price deflator: Forecast: +2.1%. Previous: +2.1%.
9 a.m.:
Treasury buyback announcement. Source:
Bureau of the Public Debt. The Treasury announces the details of tomorrow's reverse auction.
10 a.m.:
Chicago Purchasing Managers Index for February. Source:
National Association of Purchasing Management -- Chicago. Forecast: N/A. Previous: 40.2.
6:30 p.m.:
Consumer Comfort Index for the week ended. Source:
ABC News and Money Magazine. Forecast: N/A. Previous: 19.
Speeches & Testimony
- Federal Reserve Chairman Alan Greenspan addresses
House Financial Services Committee on the topic of monetary policy.
