U.S. stock futures are set for a lower open on Monday ahead of the first head to head U.S. presidential election debate on Monday evening at Hofstra University in New York.
Crude oil is up over 1 percent on Monday, largely due to hopes of a possible production cut as OPEC members meet informally on the sidelines of an International Energy Forum in Algiers, Algeria from September 26-28th.
Any oil production cut is contingent on a deal worked out in advance between Iran and Saudi Arabia.
The Week Ahead
Investors will be paying close attention to a variety of economic reports this week, ranging from new home sales for August due Monday morning, a consumer confidence report for September on Tuesday, durable orders due on Wednesday, and the third estimate of U.S GDP in the 2nd quarter of 2016 on Thursday.
Economists from briefing.com have a consensus estimate that the 3rd estimate will show U.S. GDP grew 1.3 percent in the second quarter of 2016 after rising 1.1 percent in the previous report.
Some of the other economic reports out this week includes pending home sales on Thursday and PCE inflation, the Fed’s preferred inflation gauge, due on Friday along with Chicago PMI and Michigan Sentiment for September.
Latest Poll Results
Real Clear Politics released new presidential election poll results on Monday.
According to a Bloomberg poll, Trump has a +2 point lead over Clinton.
An LA Times/USC tracker shows Trump with a +4 point lead over Clinton.
A CNN/ORC poll released on Monday shows Trump up + 1 point in Colorado and Clinton up + 1 point in Pennsylvania.
Full U.S. Economic Calendar
Monday- New Home Sales (Aug)
Tue- Consumer Confidence (Sept), Case- Shiller 20 city Index (July)
Wednesday- Durable Orders (Aug), Crude Inventories, MBA Mortgage Index
Thursday- Initial and Continuing Claims, International Trade in Goods (Aug), Pending Home Sales (Aug), and Natural Gas Inventories.
Friday- PCE inflation (Aug), Chicago PMI (Sept.), Michigan Sentiment (Sept.)