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Trading Radar: Will Less News Equal Less Action?

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Economics, earnings reports, and market events for the week ahead.

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Last week was one of the busiest of the year in terms of data and news, with just some of the highlights being FOMC and ECB rate decisions, the big July Non-Farm Payroll report, and the first estimate of second-quarter GDP.

Now let's take a look ahead at what's coming up next week in potentially market-moving news.

On Monday, the Institute for Supply Management (ISM) July Services index will be released. Note that the June number was well below consensus and the weakest reading seen since February 2010.

Also on Monday, Dallas Federal Reserve Bank President Richard Fisher will give a speech on the economy in Portland, Oregon.

We will see the June Trade Balance data on Tuesday, which will be closely watched because of its relationship to GDP growth, and as an important barometer for export growth, expectations for which are uncertain because of unsteadiness in Europe and China. There are significant debates over each region's supposed recoveries, and this data could shed some light on the world economy.

Wednesday will see the release of the MBA Mortgage Index, which, while typically not a serious market mover, may get a bit more attention as the Fed highlighted rising mortgage loan rates as a possible risk factor.

The weekly jobless claims report will come on Thursday. Traders may be watching for revisions to this week's much better than expected 326K print, which sparked a huge rally, and to see if we get two impressive weeks in a row.

The earnings calendar will continue to lighten up next week, and with most of the major tech, industrial, and financial companies having already reported, it's unlikely that earnings will be a key driver of market action. But some of the bigger names on deck include News Corp (NASDAQ:NWSA) on Monday, Archer-Daniels Midland (NYSE:ADM) and CVS Caremark (NYSE:CVS) on Tuesday, and Time Warner (NYSE:TWX) on Wednesday.

Momentum traders would do well to watch the action in Tesla Motors (NASDAQ:TSLA) and Priceline.com (NASDAQ:PCLN), which report on Wednesday and Thursday, respectively.

While the overall event calendar is pretty light next week, that doesn't guarantee a lack of market action, as the S&P 500 (INDEXSP:.INX) remains near all-time highs despite an uncertain economic outlook and an earnings season that has been mixed at best.


MONDAY, August 5

US Economics (Time Zone: EDT)

8:00 ISM Services Index - July, est. 53.0, prior 52.2
11:00 Fed to purchase $1.25b-$1.75b debt in 2036-2043 sector
11:30 U.S. to sell 3M, 6M bills

Fed Speak

11:45 Fed's Fisher speaks on economy in Portland, OR.

Global Economics (Time Zone: GMT)

00:30 AUD TD Securities Inflation
01:30 AUD Retail Sales
1:45 CNY HSBC/Markit Services PMI
06:00 CHF UBS Real Estate Bubble Index
7:45 EUR German Purchasing Manager Index
08:30 GBP Purchasing Manager Index
08:30 EUR Euro-Zone Sentix Investor Confidence
09:00 EUR Euro-Zone Retail Sales
23:30 AUD AiG Performance Services Index

Earnings

Macerich (MAC) is expected to report EPS of $0.81.
Tyson Foods (TSN) is expected to report EPS of $0.45.
Vornado Realty Trust (VNO) is expected to report EPS of $1.24.


TUESDAY, August 6

US Economics (Time Zone: EDT)

8:30 Trade Deficit - June, est. -$43.5b, prior -$45b
10:00 BD/TIPP Economic Optimism - Aug., est. 47.5, prior 47.1
10:00 JOLTs Job Openings - June, prior 3.828m
11:00 Fed to purchase $4.75b-$5.75b debt in 2018-2019 sector
11:30 U.S. to sell 4W bills
13:00 U.S. to sell $32b 3Y notes

Fed Speak

13:00 Fed's Evans speaks to reporters in Chicago

Global Economics (Time Zone: GMT)

01:30 AUD Trade Balance
04:30 AUD Reserve Bank of Australia Rate Decision
05:00 JPY Leading Index
05:00 JPY Coincident Index
08:30 GBP Industrial Production
08:30 GBP Manufacturing Production
09:00 EUR Italian GDP
10:00 EUR German Factory Orders
14:00 GBP NIESR GDP
22:45 NZD Unemployment

Earnings

AECOM (ACM) is expected to report EPS of $0.64.
Allegheny (ATI) is expected to report EPS of $4.25.
CF Industries (CF) is expected to report EPS of $7.78.
DaVita Healthcare (DVA) is expected to report EPS of $1.86.
Dish Network (DISH) is expected to report EPS of $0.54.
EOG Resources (EOG) is expected to report EPS of $1.72.
First Solar (FSLR) is expected to report EPS of $0.50.
Henry Schein (HSIC) is expected to report EPS of $1.22.
IntercontinentalExchange (ICE) is expected to report EPS of $2.17.
Liberty Media (LMCA) is expected to report EPS of $0.35.
MGM Resorts (MGM) is expected to report EPS of $0.01.
Michael Kors (KORS) is expected to report EPS of $0.49.
Parker-Hannifin Corporation (PH) is expected to report EPS of $1.96.
Starwood Property (HOT) is expected to report EPS of $0.38.
Zoetis (ZTS) is expected to report EPS of $0.36


WEDNESDAY, August 7

US Economics (Time Zone: EDT)

7:00 Mortgage Applications - Aug. 2, prior -3.7%
15:00 Consumer Credit - June, est. $15b, prior $19.6b

Fed Speak

12:30 Fed's Plosser speaks on economy in Washington
13:00 U.S. to sell $24b 10Y notes
13:40 Fed's Pianalto speaks on monetary policy in Cleveland

Global Economics (Time Zone: GMT)

01:30 AUD Home Loans
01:30 AUD Value of Loans
05:45 CHF SECO Consumer Confidence
07:15 CHF Consumer Price Index
07:15 CHF CPI – EU Harmonised
09:30 GBP Bank of England Inflation Report
10:00 EUR German Industrial Production

Earnings

Avnet (AVT) is expected to report EPS of $0.95.
Cimarex (XEC) is expected to report EPS of $1.27.
Devon Energy (DVN) is expected to report EPS of $0.93.
Green Mountain (GMCR) is expected to report EPS of $0.77.
Icahn Enterprise (IEP) is expected to report EPS of $1.58.
Mondelez International (MDLZ) is expected to report EPS of $0.35.
Ralph Lauren (RL) is expected to report EPS of $1.92.
Time Warner (TWX) is expected to report EPS of $0.75.
Tower Group (TWGP) is expected to report EPS of $0.49.
Tesla (TSLA) is expected to report EPS of -$2.78


THURSDAY, August 8

US Economics (Time Zone: EDT)

8:30 Initial jobless claims - Aug. 2, est. 335k, prior 326k
8:30 Continuing claims - July 27, prior 2.951m
8:45 Bloomberg Aug. U.S. Economic Survey
9:45 Bloomberg Consumer Comfort - Aug. 4, prior -27.0
11:00 Fed to purchase $2.75b-$3.5b debt in 2020-2023 sector
13:00 U.S. to sell $16b 30Y bonds

Global Economics (Time Zone: GMT)

JPY Bank of Japan Monetary Policy Statement
01:30 AUD Employment
05:00 JPY Eco Watchers Survey
05:45 CHF Employment
08:00 EUR ECB Publishers Monthly Report

Earnings

BroadRidge (BR) is expected to report EPS of $1.08.
Dillard's (DDD) is expected to report EPS of $0.81.
Lions Gate (LGF) is expected to report EPS of $0.08.
Linn Energy (LINE) is expected to report EPS of $0.34.
Markel (MKL) is expected to report EPS of $5.60.
Monster Beverage (MNST) is expected to report EPS of $0.64.
Noodles and Company (NDLS) is expected to report EPS of $0.11.
Priceline (PCLN) is expected to report EPS of $9.03.
T-Moble (TMUS) is expected to report EPS of $0.07.


FRIDAY, August 9

US Economics (Time Zone: EDT)

10:00 Wholesale Inventories - June, est. 0.4%, prior -0.5%
10:00 Wholesale Sales - June, est. 0.7%, prior 1.6%

Global Economics (Time Zone: GMT)

01:30 CNY Consumer Price Index
01:30 CNY Producer Price Index
05:00 JPY Consumer Confidence Index
05:00 JPY Bank of Japan;s Monthly Economic Report for August
05:30 CNY Industrial Production
05:30 CNY Fixed assets
05:30 CNY Retail Sales
08:30 GBP Total Trade Balance
12:30 CAD Employment

Earnings

There are no major earnings releases.


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