The third quarter opens Wednesday with the long-awaited details on the government's Public-Private Investment Program set to finally emerge.
is expected to unveil additional details on its Public-Private Investment Program, or PPIP, a measure that uses government and private financing to spur outside investors to buy bad loans and toxic securities from banks. Originally expected to be a $1 trillion program, the PPIP has been pared to about $50 billion.
confirmed that two of the nine expected participants will be Wilbur Ross' distressed real estate/debt fund and a joint venture between
GE Capital and private investor Angelo Gordon. Other firms expected to be named include
, according to the report.
What remains to be seen is whether the PPIP can banks' balance sheets of toxic assets, and how much it will cost taxpayers. In addition, investors want to know if $50 billion will be enough to make the PPIP successful.
The economic docket is packed for the first day of July. At 8:15 a.m. EDT,
will release its employment report for June. The report, which is expected to show a loss of about 400,000 jobs, is usually a good indicator of where the government's own payroll report will come in. The
report will be released ahead of Thursday's opening bell.
At 10 a.m. EDT, several reports on the health of the economy will hit, including construction spending for May, the Institute for Supply Management's manufacturing index for June, and pending home sales data for May. Shortly after, the
will release its weekly inventory data.
In addition, automakers including
( GMGMQ) and
will post auto and truck sales for June throughout the day.
Turning to stocks,
will be among a handful of companies expected to report quarterly results before Wednesday's opening bell.