John Deere combine harvesters sit on display during the Farm Progress Show in Boone, Iowa, U.S., on Tuesday, Aug. 28, 2018.Here are the most important things to know about Wednesday before you hit the door.We'll get a bunch of economic data on Wednesday including durable goods and pending home sales. Orders to U.S. factories for big-ticket manufactured goods are expected to rebound slightly after tumbling 1.2%, the largest amount in four months, in.
Pending home sales are released at 10:00 a.m. on Wednesday and economists are expecting home sales to slow fromgrowth of 1.5%. Pending home sales, a report that measures signed contracts to buy existing homes, got a boost in September from lower interest rates. Economists are expecting a 0.2% increase in pending home sales for the month of October, according to FactSet.
Deere's outlook is a good proxy for the risk in the trade war. Farmers have been hit hard by the trade tensions and a cut to production from Deere could signal more trouble ahead. "With corn exports down ~60% marketing YTD and soybeans about to face new crop competition from Brazil, it is difficult to see how management can present an upbeat fundamental outlook," said J.P. Morgan analyst Ann Duignan in a note to clients on Monday.8:30 a.m. Initial claims1:00 p.m. 7-year note auction