Peter Schacknow, Senior Producer, CNBC Breaking News Desk
Wall Street plans a normal Monday morning open, something that was not a certainty before Hurricane/Tropical Storm Irene passed through the New York area. With the worst case scenarios avoided, exchanges made the decision to operate normally, though some businesses remain closed and local travel in the New York area will still be somewhat difficult.
The major U.S. averages are coming off their biggest weekly gains in eight weeks, despite wide swings and high volatility. The Dow has registered triple-digit moves in six of the past seven sessions, and only once in the past seven sessions has it moved less than 1%.
Corporate earnings are not much of a factor this morning, but economic statistics are: the government is set to release July numbers on personal income and spending. Economists are forecasting a 0.4% rise in income following June's 0.1% increase, and they think consumer spending jumped 0.5% after declining 0.2% in June. We'll also get June pending home sales numbers from the National Association of Realtors, with a 1.0% decline representing the consensus forecast. Pending home sales had risen 2.4% in May.
Insurance stocks could get a boost this morning, as Morgan Stanley issues a report saying that Irene presents a perfect opportunity for insurance companies to raise premiums. Among the stocks mentioned are Travelers (TRV), ACE Limited (ACE), Axis Capital (AXS), and Chubb (CB).
Apple (AAPL) could be a stock to watch, as it awards new CEO Tim Cooke one million restricted stock units. We'll also watch airline stocks like United Continental (UAL), AMR (AMR), Delta Air Lines (DAL), U.S. Airways (LCC), Southwest Airlines (LUV), and JetBlue (JBLU), as the industry assesses the financial losses attributed to Irene, and moves to restore a normal schedule after the weekend disruptions.
Eurozone officials will resume talks today on the stalled collateral deal between Greece and Finland that is emerging as an obstacle to the latest Greek bailout proposal.
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