It’s another relatively quiet week on the earnings calendar.
and Autozone report on Tuesday, followed by
and Cintas on Wednesday. Thursday is busier:
all release results.
Economic data out this week include
composite Purchasing Managers’ Index for September on Wednesday. The overall index and both of its manufacturing and services components are expected to decline slightly from August. On Friday, the Census Bureau releases the Durable Goods report for August—a decent proxy for business investment. Forecasts are for a 1.2% month-over-month gain.
Several housing-market indicators will be published this week. On Tuesday, the National Association of Realtors reports existing-home sales for August. Then on Wednesday, the Federal Housing Finance Agency releases its Home Price Index for July. Finally, the Census Bureau reports new-home sales for August on Thursday.
The Federal Reserve releases its second-quarter Financial Accounts of the U.S., which details household and nonprofit balance sheets and changes in net worth, among other data. In the first quarter, household net worth fell by $6.5 trillion, to $110.8 trillion, led by a huge decline in the value of stock holdings as the S&P 500 index fell 20%.
The Federal Reserve Bank of Chicago releases its National Activity Index for August. Consensus estimate is for a 1.2 reading, even with the July figure. The index has had three consecutive positive monthly readings after hitting a record low of negative 17.91 in April.
The General Debate at the 75th General Assembly of the United Nations commences virtually. The theme for this year’s meeting is “The future we want, the United Nations we need.”
AutoZone and Nike report earnings.
The National Association of Realtors reports existing-home sales for August. Economists forecast a seasonally adjusted annual rate of 5.88 million homes sold, a tick above July’s 5.86 million. July saw a 24.7% month-over-month jump in total existing-home sales, a record high, and median home prices topped $300,000 for the first time, according to the NAR.
Cintas and General Mills report quarterly results.
hosts a virtual investor day with senior management, including CEO Sasan Goodarzi.
IHS Markit releases its composite Purchasing Managers’ Index for September. Expectations are for a 54 reading, just behind the August level. The manufacturing and services PMI components are seen clocking in at 52.8 and 54.6, respectively. Both figures are slightly below the August data.
The Federal Housing Finance Agency releases its Home Price Index for July. In the June-quarter report, the FHFA data showed home prices increasing 5.4% year over year, led by Western states. Idaho, Arizona, Washington, and Utah were the best markets, all with annual price appreciation of more than 8%.
Accenture, CarMax, Costco Wholesale, and Darden Restaurants host conference calls to discuss earnings.
The Census Bureau reports new-home sales for August. Consensus estimate is for a seasonally adjusted annual rate of 860,000 homes sold, below July’s 901,000. New-home sales in July reached their highest levels since December 2006.
The Census Bureau releases the Durable Goods report for August. Economists forecast a 1.2% month-over-month gain in new orders for manufactured durable goods, to $233.5 billion. Excluding transportation, new orders are seen rising 1.2%.
Write to Nicholas Jasinski at [email protected]