Tomorrow’s Tape: GDP, ISM, QED
July 28th, 2011
Economics:
- 8:30 a.m.: Go ahead and brace yourself, we get the government’s first guesstimate ofsecond-quarter GDP, and it probably won’t be pretty. Macroeconomic Advisers’ latest read on this is 1.3%, which is a good bit lower than the 1.8% Wall Street expects. Who will be right? None of us, that’s who.
- 8:30 a.m.: We also get the second-quarter employment cost index, which nobody will notice. Remember when everybody was worried about inflation?
- 9:45 a.m.: We get the Chicago ISM report; people who pay a fee get it a few minutes early. This report was surprisingly strong in June, getting everybody briefly jazzed about the economy. Will it hold up?
- 9:55 a.m.: The University of Michigan releases its final consumer sentiment reading for July. A slight improvement, from “forlorn” to “downcast,” is expected.
Earnings: We get reports from:
- Newmont Mining
- Arch Coal
- Weyerhaeuser
- American Electric Power
- Calpine
- Aon
- Coventry Health
- Merck
- ITT
- Chevron
- Amgen
FedSpeak:
- 3:15 p.m.: Atlanta Fed President Dennis Lockhart does some jawing about monetary policy.
Other:
- Something involving debt and/or politics in the US and/or Europe will freak everybody out/make everybody optimistic. We’re going to just start writing our market reports like Mad Libs.
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