Third quarter GDP should be revised higher and consumer confidence could see a comeback when those reports are released Tuesday.
Economists expect to see the 8:30 a.m. ET report of third quarter GDP to show an upward revision to 2.1 percent growth, from the original reading of 1.5 percent. Consumer confidence is expected to rise to 99.5 from 97.6, when it's reported at 10 a.m. ET. S&P/Case-Shiller home price data is released at 9 a.m. ET, and is expected to show a gain of 5.2 percent, up from 5.1 percent previously.
"The stock market's come back from the lows. I would think it (confidence) would be a little bit better. I think it would be interesting if (confidence) hurdled the 100 line. It might indicate the consumer has weathered whatever ailed them awhile back. Consumers' spirits are bouncing back along with stocks," said Chris Rupkey, chief financial economist at Bank of Tokyo -Mitsubishi.