The economic calendar is light in number this week, but it is not without important reports to point out. Christian Hill in Investor’s Daily Edge has the details…

On Wednesday morning, the Fed Beige Book comes out. The market looks at this report to see if there is any hint of economic improvement. Last month, three districts reported softer economic activity, four reported slower growth, and the remaining five reported stable activity. I would expect the “softer” or “slower” growth to spread to the districts that reported “stable” activity, as the economy will likely sputter for a while longer.The Existing Home Sales report for June comes out on Thursday, and is expected to show a decline of 50,000 homes sold compared to May. The previous two months the report has managed to beat expectations. I expect it to beat the estimate again this month.

The New Home Sales report comes out on Friday and the market is expecting it to show a decline of 7,000 units. This report has also managed to beat expectations for the last two months, and I also expect it to beat expectations again this month.

The other report of note this week is Durable Orders for June. In May, the report showed no gain, and is expected to post a 0.10 percent gain this month. I am not sure if reports are ever issued in smaller increments, but a 0.10 percent gain is about as small as it gets while still being considered a gain. This report wouldn’t surprise me if it comes in negative, as durable goods orders for the past few months may have been fueled by stimulus checks, which have likely run their course and aren’t being spent in any significant amount anymore.

Earnings Calendar:
Monday: MRK, TXN
Tuesday: CAT, DD, YHOO
Wednesday: BA, ATT, PFE, PEP, BUD, AMZN
Thursday: LLY, F

Source: A Full Week of Economic and Earnings Reports