CALM after the STORM - This Week on the Street

After an historic and volatile week in the markets, investors will be watching for any signs of stability from upcoming economic releases.

This week, we’ll see what prices are doing at the producer level when the Producer Price Index for July is released on Wednesday. Prices tumbled last month for the first time since June 2010, primarily due to the recent decline in oil and gasoline prices. Commodities are likely to influence July’s results as well.

The housing sector has continued to drag and an improvement is not expected any time soon due to a combination of unemployment, credit restrains and unsold homes. But this remains a key sector to watch due to its influence on the overall economy. This week, we’ll get the latest numbers on housing starts and existing home sales.

New housing starts were better than analysts anticipated in June, and a continued rise in this measure could reflect a rebound in the latter half of the year. Meanwhile, existing home sales fell for the third consecutive month in June, coming in well below the expected gains. Watch for these reports on Tuesday and Thursday.

Earnings reports are on the wane, but some big ones are due out this week. Tech stocks Dell and Hewlett-Packard are on the schedule, as are home improvement giants Home Depot and Lowes. After last week’s better-than-expected retail report, it will be interesting to hear from Wal-Mart, Target, Gap and Staples, which all release earnings later in the week.

Additional economic releases to keep an eye on include the import/export prices, industrial production and a statement from the Philadelphia Fed.