What to Watch Tuesday: Best Buy Earnings, New Home Sales
For Tuesday, August 25, investors will get more clues on the state of the housing market, after a volatile day on the stock market. At 9:00 a.m. Eastern, the Federal Housing Finance Agency (FHFA) House Price Index (HPI), covering single-family housing, is expected to report a gain of 0.4 percent in June, its third straight gain this year. The S&P Case-Shiller home price index will be released at 9:00 a.m., but it is not expected to be as strong. Then at 10:00 a.m., new home sales are expected to show a 7.1 percent increase in July to 516,000. Existing home sales have been stronger than new home sales so far this year. The Consumer Confidence Survey is expected to rally to 94 in August after July's 10 point plunge, which will provide some insight into the demand for housing and cars. More department stores and retailers are coming out with earnings. Starting off with electronic retailer Best Buy (BBY), discount shoe and accessory store, DSW (DSW), and home builder Toll Brothers (TOL) releasing their latest quarterly results. TheStreet's Valerie Young reports from New York.
