CRA Opinions, Budget Cuts, Corporate Earnings of Interest to Investors

It is surmised that S&P’s informed opinion has included a degree of skepticism that the proposed budget cuts will, in fact, take place. A new bipartisan committee, consisting of six Republicans and six Democrats, has until the 23rd of November to agree on workable budget cutting strategies. The twelve member committee will be chosen within the next few weeks, and will have their work cut out for them as lobbyists, special interest groups, and lawmakers running reelection campaigns will want their voices heard.

The week ahead starts off slowly, with no market-moving economic data due on Monday. Tuesday’s highlights include the release of the Federal Reserve’s policy decision in the afternoon, while on the corporate front The Walt Disney Company (NYSE:DIS) will publish second quarter earnings. Cisco Systems (NASDAQ:CSCO) and News Corp (NASDAQ:NWSA) will be reporting after Wednesday’s closing bell, and during the day Wall Street investors will gain access to June wholesale inventories. The Labor Department’s weekly jobless claims become available on Wednesday, where the number of unemployed filing for benefits is expected to climb to 409,000. US trade balance figures will also be released Thursday, while corporate companies reporting second quarter earnings include Kohl’s (NYSE:KSS), Nvidia (NSADAQ:NVDA) and Nordstrom (NYSE:JWM). The week draws to a close with the August consumer sentiment reading from the University of Michigan and June’s business inventory report, while JC Penney (NYSE:JCP) is set to report second quarter during the day.