US Commerce Dept to release home sales data for Dec

CNBC's Bertha Coombs - We have got a busy week ahead of the economic data and it starts today. The US Commerce Department releases its data on new home sales for December. Sales in November reached a 13-year low with no signs of stabilization. The big question is will today’s numbers signal a lift in the US housing market or continuation of last year’s troubles; also out today January Dallas Fed survey of regional manufacturing index.

On the earnings front we will hear from the Dow component McDonalds. One analyst cut its price target on Friday for global burger chain from USD 70/share to USD 63/share, saying expects the company to do well but anticipates a market slowdown. And other major companies reporting includes Verizon, Cisco, American Express and Tyson Foods. The US treasury department’s auction of 3 months and 6 months T-bills takes place today along with the weekly sale of 4 week bills.

President Bush in the midst to try to get an economic stimulus package pass delivers his annual state of the union address to a joint session of Congress tonight. The Dow will begin the day at 12,207, the Nasdaq at 2,326.

Data watch

• US commerce dept will release Dec home sales data today
• Jan Dallas Fed Survey will be released today

Earnings Central

• McDonalds will report its earnings today
• Analysts cut price target for McDonalds on Friday from $ 70 to $ 63/sh
• Verizon, Cisco & American Express will release it quarterly numbers

US State Of Union

• President Bush delivers his annual state of the union address tonight