Next week includes another batch of crucial earnings. The reporting season has been another strong one, but forward guidance has been a mixed affair. Stocks generally have trended higher, but the debt-ceiling debate will continue to roil.
Some key earnings coming from Broadcom, Netflix and Texas Instruments. Also, some regional economic news: the Texas Manufacturing Outlook Survey for July.
S&P/Case-Shiller will tell us that home prices are still lousy. Johnson Redbook’s weekly retail sales also due. And the Richmond Fed tells us what business is like in its area. New home sales and Consumer Confidence data also due out. Cheery and chipper? Maybe not so much. More big earnings from 3M, Amazon, U.S. Steel and Ford. Others reporting include Electronic Arts, Hershey, Occidental Petroleum, Valero, Biogen Idec, Novellus, Fiserv, Juniper, Ford and UPS.
Earnings start to taper a touch, with Akamai, Cabot Oil & Gas, Visa, Aetna, Dow Chemical, Nasdaq, Ryder, Boeing and Southern Co. reporting. Chicago Fed tells us what manufacturing is like in the heartland. The government reports on Durable Goods orders. Energy mandarins tell us how much crude and gasoline we have on hand.
Weekly (weakly?) initial jobless claims! July’s jobs report (Aug. 5) will start to come into focus. The pending home sales index and a Kansas City Fed manufacturing survey also on the docket. Earnings? Still some big names in the chute, including Bristol-Myers Squibb, Colgate Palmolive, Automatic Data Proc., CME Group, ExxonMobil, Chesapeake Energy, Met Life, Starbucks, DuPont, Sprint Nextel, Kellogg, Motorola Mobility, KLA-Tencor.
Get quieter (summer!) on Friday. Chevron, Amgen, Merck, Weyerhaueser, Newmont Mining and Aon report. No major economic news on the docket.
WASHINGTON — An angry and frustrated President Obama accused Republican leaders Friday evening of walking away from “an extraordinarily fair deal” to raise the nation’s debt limit.
In a hastily called news conference at the White house, a grim-faced Mr. Obama demanded that congressional leaders appear at the White House on Saturday.
“I want them here at 11 a.m. tomorrow,” Mr. Obama told reporters. “They are going to have to explain to me how it is that we are going to avoid default.”
The president spoke moments after House Speaker John A. Boehner, the Republican from Ohio, released a letter that he had sent to House colleagues, saying he was breaking off budget negotiations with the White House because of differences over revenues and would instead try to strike an agreement with Senate leaders to raise the debt limit ahead of an Aug. 2 deadline.
Top Treasury Department and Federal Reserve officials huddling Friday said they “remain confident” lawmakers will reach a deal to raise the debt ceiling, even as they discussed the potential fallout if an accord can’t be reached.
Treasury Secretary Timothy Geithner, Fed Chairman Ben Bernanke and Federal Reserve Bank of New York President William Dudley met Friday at the Treasury to discuss contingency plans if Congress fails to raise the $14.29 trillion debt limit by Aug. 2. A one-sentence readout of the meeting provided by the Treasury said the meeting was held “to discuss the implications for the U.S. economy if Congress fails to act.”