Though the major U.S. indexes remain on pace for strong November gains, the Dow and S&P 500 are on their first losing streaks of the month. The Dow has fallen for the past two sessions, the S&P 500 and the Nasdaq for the past three. Additionally, the Dow and S&P 500 are in danger of posting their first weekly losses in seven weeks.
It's another busy day for economic reports, beginning with two at 8:30 a.m. ET. The Labor Department's weekly report on jobless claims is expected to show new claims of 335,000, down 4,000 from the prior week, while the October producer price index is seen falling 0.2 percent following a 0.1 percent drop in September. The ex-food and energy rate is expected to match September's 0.1 percent increase.
At 10 a.m. ET, the November Philadelphia Fed Survey index should come in at 15.0, according to consensus forecasts. That would be down from October's 19.8. At the same time, we'll be getting the Conference Board's index of leading economic indicators.
At 10:30 a.m. ET, the Energy Department will release its usual weekly look at natural gas inventories.
Retail is the major theme of this morning's earnings reports, with quarterly numbers from Target (TGT), Abercrombie & Fitch (ANF), Dollar Tree (DLTR), and Gamestop (GME) due out. After the closing bell, we'll get earnings reports from retailers Gap (GPS) and Ross Stores (ROST), as well as tech companies Autodesk (ADSK) and Intuit (INTU).
Green Mountain Coffee (GMCR) is among our stocks to watch, posting fiscal fourth quarter profit of 89 cents per share, excluding certain items, 14 cents above estimates. Revenue also beat consensus, but Green Mountain did forecast current quarter profit below Street estimates. Additionally, the company announced a new $1 billion stock buyback program.
Yahoo (YHOO) saw strong demand for its convertible note offering, prompting it to increase that offering to $1.25 billion from the planned $1 billion.
Dillard's (DDS) added $250 million to an existing stock buyback program that had $40.4 million remaining.
Williams-Sonoma (WSM) beat estimates by three cents with third quarter profit of 58 cents per share. Though the housewares retailer's current quarter forecast falls largely below estimates, investors appear to be focusing on the most recent results, as well as a 16 percent increase in same-store sales.
Yum Brands (YUM) is combining the international and U.S. operations of its KFC, Pizza Hut, and Taco Bell chains, and keep its China and India operations separate.
Jack In The Box (JACK) reported fiscal fourth quarter profit of 45 cents per share, excluding certain items, six cents above estimates. The restaurant operator did see declining revenue, but profit rose as the company cut expenses.
Johnson Controls (JCI) is increasing its stock buyback program by $3.65 billion, and the maker of automotive controls also raised its quarterly dividend by 16 percent to 22 cents per share.
Raytheon (RTN) increased its stock buyback program by an additional $2 billion.
Navigator Holdings (NVGS) will debut today on the New York Stock Exchange after pricing its initial public offering at 19 dollars per share, at the high end of the expected range. The company is a liquefied natural gas carrier controlled by investor Wilbur Ross.