There’s not much on the docket next week aside from ISM non-mfg on Monday, FOMC Minutes on Tuesday and Jobless claims on Thursday. The earnings calendar is just about empty. Volume is likely to be very light in the coming week. Investors have been selling into any strength in recent days so it will be interesting to see how this week works out with little to no news. The markets are coming off huge moves in February and March and are at stretched levels. Let’s take a look at what’s on tap (in conjunction with Econoday):
ISM Non-Mfg Index 10:00 AM ET
The composite index from the ISM non-manufacturing survey rose 2.5 points in February to 53.0 to signal month-on-month growth for the bulk of the U.S. economy. Looking ahead, we should see another healthy number for March as February’s new orders index were moderately healthy at 55.0, showing the strongest rate of month-to-month growth since August 2007.
ISM non-manufacturing composite index Consensus Forecast for March 10: 54.0
Pending Home Sales Index 10:00 AM ET
ICSC-Goldman Store Sales 7:45 AM ET
Redbook 8:55 AM ET
FOMC Minutes 2:00 PM ET
The Minutes of the March 16 FOMC meeting are scheduled for release at 2:00 p.m. ET. Analysts will be looking for signs on when and how fast the Fed will start unwinding its balance sheet. Of course, key focus will be on discussion surrounding the continued inclusion of “extended period” in the statement in terms of how long rates will remain low.
Tom Hoenig Speaks 2:00 PM ET
Ben Bernanke Speaks 1:30 PM ET
Consumer Credit 3:00 PM ET
Consumer credit outstanding in January rose $5.0 billion, breaking a record of 11 consecutive months of decline. The gain was led by a $6.6 billion rise in non-revolving credit (car loans, mobile homes, education, boats, trailers, vacations). But revolving credit (credit cards) still declined by $1.7 billion.
Consumer credit Consensus Forecast for February 10: $0.0 billion
Chain Store Sales
BOE Announcement 7:00 AM ET
ECB Announcement 7:45 AM ET
Jobless Claims 8:30 AM ET
Initial jobless claims fell 6,000 for the March 27 week, coming in at 439,000. The four-week average fell 6,750 to 447,250 and was down roughly 20,000 from levels in February. Claims levels are the lowest since late 2008.
Jobless Claims Consensus Forecast for 4/3/10: 436,000
Friday – No major market moving news.