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Traders to shovel through data in hunt for real economy

VIDEO0:5700:57
Weather & earnings

With more cold and storms on the way, traders will be plowing through economic reports to see what impact winter weather could be having on the economy and, ultimately, on corporate profits.

Fourth-quarter earnings season is winding down, with a few high-profile reports this week, including Coca-Cola on Tuesday and Wal-Mart and Hewlett-Packard on Thursday. The retail giant has already warned that weather, along with other factors, took a toll on earnings.

Housing starts and home sales data in the coming week will be important for what they say about weather impact on already-softer winter sales. The Philadelphia Fed and Empire State surveys will also provide more current reads on manufacturing activity, after January's industrial production report showed a weather-related drop in manufacturing.