Monday’s economic calendar:
8:30 Empire State Mfg Survey
9:15 Industrial Production
7:30 PM Fed’s Lacker: Economic Outlook
8:00 PM Fed’s Evans: ‘U.S. Monetary Policy and Economic Outlook’
German Chancellor Angela Merkel has made it clear that “dreams that are taking hold again now that with this package everything will be solved and everything will be over on Monday won’t be able to be fulfilled,” Steffen Seibert, Merkel’s chief spokesman, said at a briefing in Berlin today. The search for an end to the crisis “surely extends well into next year.”
U.S. equity futures fell after the Federal Reserve Bank of New York’s general economic index rose in October to minus 8.5 from minus 8.8 in September. Economists projected an improvement to minus 4, based on a Bloomberg News survey. Readings less than zero signal companies in the so-called Empire State Index, which covers New York, northern New Jersey, and southern Connecticut, are cutting back.
Industrial production in the U.S. probably advanced in September for a fifth consecutive month, a sign manufacturers are contributing to growth, economists said before reports today. Production at factories, mines and utilities increased 0.2 percent, the same as in August, according to the median forecast of 67 economists surveyed by Bloomberg News.
Wells Fargo dropped 3.8 percent to $25.66. Net income climbed to a record $4.06 billion, or 72 cents a diluted share, from $3.34 billion, or 60 cents, in the same period a year earlier, the San Francisco-based company said today in a statement. The average estimate of 30 analysts surveyed by Bloomberg was for earnings per share of 72 cents.
Citigroup rallied 1.4 percent to $28.80. The bank’s credit- valuation adjustment, or CVA, mirrored a similar $1.9 billion gain posted by JPMorgan Chase & Co. (JPM) last week. The benefit helped Citigroup Chief Executive Officer Vikram Pandit, 54, weather a quarter in which its shares tumbled 38 percent amid concern revenue from trading and investment-banking would drop because of Europe’s debt crisis and the U.S. debt-ceiling fight.
Economics and FedSpeak:
Monday
Empire State manufacturing index for October
Industrial production and capacity utilization for September
Richmond Fed President Jeffrey Lacker speaks
Chicago Fed President Charles Evans speaks
Tuesday
Weekly chain-store sales
PPI for September
Treasury International Capital data for August
NAHB Housing Market Index for October
Treasury Secretary Tim Geithner testifies in the Senate
Wednesday
Weekly MBA mortgage applications survey
Housing starts for September
CPI for September
Fed Beige Book report
Thursday
Weekly jobless claims
Existing home sales for September
Leading indicators for September
Philly Fed index for October
St. Louis Fed President James Bullard speaks
Cleveland Fed President Sandra Pianalto speaks
Minneapolis Fed President Narayana Kocherlakota speaks
Friday
None
Earnings:
Monday
Halliburton
Hasbro
First Horizon National
Gannett
Charles Schwab
Stanley Black & Decker
Citigroup
Wells Fargo
Hasbro
IBM
Tuesday
Genuine Parts
Intuitive Surgical
Omnicom
State Street
UnitedHealth
Parker Hannifin
Coca-Cola
Johnson & Johnson
Harley-Davidson
Forest Laboratories
Apple
CSX
Intel
Juniper Networks
Linear Technology
Yahoo
Bank of America
EMC
W.W. Grainger
Goldman Sachs
Wednesday
Amphenol
eBay
PNC Financial
SUPERVALU
The Travelers
Textron
Xilinx
United Technologies
US Bancorp
Northern Trust
Freeport McMoRan
Comerica
BlackRock
Apollo Group
Abbott Laboratories
American Express
E*TRADE
Noble
SLM
Western Digital
Bank of New York Mellon
Morgan Stanley
St. Jude Medical
Edwards Lifesciences
Stryker
Thursday
AutoNation
Baxter International
Compuware
Diamond Offshore Drilling
Eli Lilly
Southwest Airlines
Noble Energy
Newfield Exploration
Nucor
Union Pacific
Snap-On
PPG Industries
McGraw-Hill
Laboratory Corp. of America
Janus Capital Group
Huntington Bancshares
Boston Scientific
BB&T
Chubb
Microsoft
SanDisk
Danaher
Fifth Third Bancorp
Philip Morris
FLIR Systems
AT&T
KeyCorp
Chipotle Mexican Grill
People’s United Financial
Capital One
Altera
Friday
Schlumberger
Verizon
Air Products & Chemicals
General Electric
Honeywell
McDonald’s
SunTrust Banks
Dover
Harman International Industries