The day ahead: Tuesday
The economy’s health and minutes from the last FOMC meeting will take center stage, with a spate of earnings also on the docket.
When the government announces revised third quarter GDP figures at 8:30 am EST, analysts expect weaker numbers than previously reported as companies slashed inventories. The initial reading came in at 3.5 percent but economists in a Reuters poll now see a softer 2.9 percent.
In the afternoon, investors will get a look at the minutes of the FOMC’s Nov 3-4 policy meeting and will be looking for any sign the Fed is preparing to exit its ultra-easy policy.
On the earnings side of the coin, H.J. Heinz, Barns and Noble and Borders Group, along with American Eagle and Warner Music Group will unveil their latest results.
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The GDP numbers will be revised downward. This has been the trend since we entered the recession. The first report is always more bullish than the real number actually ends up being.