Seeking Alpha
Profile| Send Message|
( followers)  

Today's economic calendar is full and includes some important reports that have the potential to move markets. This could make for a particularly volatile session, which is the last trading day of July.

Second-quarter GDP data will be released at 8:30 a.m. ET. This is the advance estimate, which calls for 1.8 percent growth. Forecasts range from a bearish surprise of 0.9 percent to a bullish growth rate of 2.9 percent.

The Employment Cost Index will also come out at 8:30 a.m. ET, though it is likely to be overshadowed by the GDP report. The index is expected to grow quarter-over-quarter by 0.5 percent. Estimates range from a disinflationary 0.4 percent to 0.7 percent growth, which would be more inflationary and thus moderately bearish.

The Chicago Purchasing Managers Index is scheduled for 9:45 a.m. ET. The consensus projects a decline to 60 from last month's 61.1. Expectations range from a bearish 55 to a bullish 65.3.

The final number for July of the Reuters/University of Michigan Consumer Sentiment survey will be released at 9:55 a.m. ET. The so-called headline number is expected to rise to 64, up from the mid-month reading of 63.8. The range is from a bearish 61.5 to a bullish 68.

The Agriculture Department's Farm Prices report will come out at 3 p.m. ET. This results could affect exchange-traded funds such as the PowerShares DB Agriculture Fund (NYSEARCA:DBA) and Market Vectors Agribusiness (NYSEARCA:MOO).

Source: GDP, Labor Costs, Farm Prices on Tap