Major market and economic news last week centered around the budget deficit and the U.S. debt, but this week big oil releases its earnings, as does Ameriprise. Despite a royal wedding on Friday and the penultimate launch of the space shuttle on the same day, the big news for advisors and their clients is likely to arrive on Wednesday. That’s when the Federal Reserve Open Market Committee meets, followed by Fed Chairman Ben Bernanke’s first-ever press conference. Congress remains in recess until May 1, but other market-moving news in the week will come from multiple reads on the state of the still sad-sack housing market and the first estimate of first quarter GDP.
All times are Eastern.
Monday, April 25
TBD: Galleon insider trading case may go to the jury.
8:30 AM: New home sales for March from the Census Bureau. Consensus was for a nearly 15% increase, but sales rose 11.1% from the revised February level, which were down 21.9% from their year-ago level..
4:35 PM: First-quarter earnings reports from Ameriprise Financial. On April 21, the company said it would take an additional $118 million charge in the first quarter to help settle litigation related to Securities America’s sales of certain private placement investments.
5:00 PM: First-quarter earnings report from LPL Investment Holdings (LPL Financial).
Tuesday, April 26
9:00 AM: Housing prices for February from Standard & Poor’s/Case-Shiller home price index.
10:00 AM: Consumer confidence index for April, released by The Conference Board.