On Tap Today: Markets Focused on FOMC; Morgan Stanley Dean Witter Reports Earnings - TheStreet

All eyes are on the Federal Reserve, as the final Federal Open Market Committee meeting takes place today.

Yesterday, the

Wall Street Journal

reported that the

Federal Reserve is weighing a more aggressive stance on the slowing economy and may go as far as cutting interest rates today, instead of waiting until January. The

Dow Jones Industrial Average rallied on that news, closing up 210 points to 10,645 on Monday.

Also today,

Nike

(NKE) - Get Report

and

Morgan Stanley Dean Witter

(MWD)

release earnings results. Ahead of their releases, Nike closed down 2%, while Morgan Stanley lifted 0.5%.

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 earnings calendar for this week 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.: International trade for October. Source: Commerce Department. Forecast: -$33.25B. Previous: -$34.26B.
  • 9 a.m.: Federal Open Market Committee meeting. Source: Federal Reserve. The Fed's monetary policymaking committee holds its final meeting of the year in Washington. Any change in monetary policy will be announced at around 2:10 p.m.
  • 9 a.m.: BTM-UBSW Weekly Chain Store Sales Index for the week ended Saturday. Source: Bank of Tokyo-Mitsubishi and UBS Warburg. Forecast: n.a. Previous: -0.3%.
  • 10:30 a.m.: Redbook Retail Average for the month through Saturday, vs. November. Source: LJR Redbook. Forecast: n.a. Previous: unchgd.
  • 1 p.m.: Housing Market Index for December. Source: National Association of Home Builders. Forecast: n.a. Previous: 65.