What to expect in the week ahead (FDS, INFO, MU, KMX)

Investors are monitoring the progress in Washington as lawmakers try to prevent a government shutdown, a default on U.S. debt and the possible collapse of President Joe Biden's sweeping economic agenda.

There are numerous corporate earnings and economic data releases this week. IHS Markit and Micron Technology report on Tuesday, followed by Cintas on Wednesday and CarMax and McCormick on Thursday. Generac Holdings and Intuit also host investor days on Wednesday and Thursday, respectively.

Data out this week includes the Census Bureau's durable goods report for August on Monday. The figures are seen as a decent proxy for business investment. New orders are seen gaining 0.6% last month, following a 0.1% decline in July.

The Census Bureau releases the durable goods report for August. New orders for manufactured durable goods are expected to rise 0.6% month over month to $258.7 billion, after a 0.1% decline in July. Excluding transportation, new orders are seen gaining 0.5%, less than the previous 0.8% rate.

Treasury Secretary Janet Yellen deliver the keynote address at the 63rd National Association for Business Economics annual meeting. The theme of this year's confab, which runs from Sept. 26 to Sept. 28, is "Shocks, Shifts, and the Emerging Economic Landscape."

The Conference Board releases its Consumer Confidence Index for September. Consensus estimate is for a 114.5 reading, roughly even with the August figure.

S&P CoreLogic releases the Case-Shiller National Home Price Index for July. Economists forecast a 20% year-over-year jump, which would be the fourth consecutive monthly record increase for the index.

The National Association of Realtors releases its Pending Home Sales Index for August. Expectations are for a 1% month-over-month rise, after a 1.8% dip in July.

The Institute for Supply Management releases its Chicago Purchasing Manager's Index for September. Economists forecast a 64.7 reading, about two points less than the August data.

The Bureau of Economic Analysis reports personal income and spending for August. Income is expected to rise 0.3% month over month, while spending is seen increasing 0.7%. This compares with gains of 1.1% and 0.3%, respectively, in July.

The Census Bureau reports construction spending data for August. Consensus estimate is for construction spending to rise 0.4% month over month to a seasonally adjusted annual rate of $1.58 trillion.