Week Ahead Market Report: 7/26/2010
Monday, July 26, 10:40 AM ET

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Good morning, I’m KRISTIN BIANCO, with the “Week Ahead Market Report” for July 26, 2010.

In overseas equity markets this morning, Asian markets finished higher for the day. Hong Kong’s Hang Seng index edged lower by 0.1 percent. Japan’s Nikkei 225 rose 0.7 percent and China’s Shanghai Shenzen was up by 0.6 percent.

European shares are moving lower this morning, with the German DAX down 0.4 percent. Britain’s Footsie 100 is lower by 0.1 percent.

U.S. S&P 500 index futures were trading losing ground by 0.3 percent in pre-market action.

Crude oil is lower on Monday morning, trading just over $78 a barrel.

Spot gold was flat in early Monday morning trading, at around $1,191 an ounce.

On the economic front, new home sales will be released on Monday and are expected to edge up from the 300,000 reported in May to a 310,000 annual rate for June.

The Conference Board’s consumer confidence index for July is scheduled for release on Tuesday. Observers are expecting a consensus index level of 51.0, down from the 52.9 level reported for June.

On Thursday, durable goods orders for June are scheduled to be reported with analysts expecting a 1 percent gain, on the heels of a 1.1 percent loss for May.

The initial GDP growth estimate for the second quarter will come out on Friday. Economists are expecting real GDP to have risen 2.5 percent.

Earnings season will be in full swing this week with over 150 companies reporting second quarter earnings.

Dow component, Dupont (NYSE:DD) will post profits before the market opens on Tuesday, with analysts expecting 93 cents per share.

U.S. Steel (NYSE:X) will post second quarter profits on Tuesday before the market opens, with a consensus estimate of 63 cents per share.

Also on Tuesday, troubled oil major BP (NYSE:BP) will report before the market opens. The consensus number is 66 cents a share.

Conoco Philips (NYSE:COP) will report on Wednesday before the market opens. Analysts are expecting $1.56 per share in earnings.

Newmont Mining (NYSE:NEM) will report profits on Wednesday before the market opens with a consensus estimate of 87 cents per share.

On Thursday, Exxon (NYSE:XOM) is scheduled to post profits before the market opens, with analysts expecting $1.46 per share for the second quarter.

Chevron (NYSE:CVX) will report earnings on Friday before the market opens with expectations of $2.44 per share. And pharmaceutical giant Merck (NYSE:MRK) is expected to post 83 cents per share in profits on Friday.

Join us on Friday for the “Weekly Market Wrap” and have a wonderful week.