It seems that until investors get a better feel as to the state of the economy, the market will continue to trade on daily economic data, data that could help gauge the direction of the economy. Without much earnings to be reported this week but a slew of economic reports, investors are expected to mull over housing market, consumer sentiment and overall economic activity data that is due out.
Despite all that, the story this morning is oil. Stocks look poised to rally after oil prices fell below $60 a barrel for the first time since March. Also affecting oil prices was BP that said Friday it moved up its plans to restart a portion of its Prudhoe Bay eastern operations. Reports of Iran being prepared to talk were taken as a positive sign as well.
The week of economic data starts today with a report of August existing home sales at 10:00 a.m. Economists forecast an annual rate of 6.25 million. Stocks could take a hit despite the low oil prices if the numbers show considerable slowdown.
On Tuesday, September consumer confidence index is due, and on Wednesday, August durable goods orders as well as August new home sales will be reported. Thursday we will have final Q2 GDP and on Friday the figures for August personal income and consumption as well as the September Chicago purchasing managers' index.
Bonds continued their rally this morning with the yield on the 10-year Treasury down to 4.57% from 4.59% late Friday.
Overnight, markets were mixed in Asia Monday, while European markets are higher at the moment.
Here's a look at some key Blogging Stocks:
EBay Inc. (NASDAQ: EBAY) last traded at $26.09 in pre-market trading, down from Friday's close of $26.11. Warren Buffett's 2001 Lincoln Town Car charity auction ended Friday, the winning bid was $73,200.
Google Inc. (NASDAQ: GOOG) last traded at $405.85 in pre-market trading, up from yesterday's close of $403.78. After losing its appeal to Belgian court, Google finally complied and posted the ruling on its site.
Microsoft Corporation (NASDAQ: MSFT) last traded at $26.75 in pre-market trading, up from yesterday's close of $26.66. Mercora Inc. is launching a new service that could impact mobile music devices such as Zune as the new application enables users of select wireless devices to listen to tracks stored on PCs or other users' computers.