Stock watch: Housing, prices, Wal-Mart reports on tap

Let's take a look ahead at what's coming up next week in potentially market-moving news.

On Tuesday we receive the first piece of solid consumer growth from the 3Q in the advance retail sales report. June nominal consumer spending, which remains near the lowest point in the last four years, grew by 0.5% month-over-month, and 3.3% year-over-year. Same-store sales for the month of July grew at a steady pace of 2.9% year-over-year and gas prices were up 4.1% for the month. Retail sales are forecast to grow 0.3% in the month of July.

On Wednesday, producer price indices from the month of July will be released. Recently, producer prices have increased sharply, in line with steep increases in the price of crude oil and other basic materials. Crude oil for July delivery was up 6.82% in the month of June. Producer prices are expected to increase 2.4% from a year ago, but decrease by 2.5% compared to June.

Additional information on consumer price inflation is due out on Thursday. The July consumer index is expected to increase to a growth rate of 2.0% from the prior year, rising 1.8% from the month prior, largely due to increases in gasoline prices. More importantly, the core index is expected to increase to an annual rate of 1.7% from 1.6% the month prior. Thursday also brings a first glimpse of manufacturing data with the regional New York survey.

Friday will include the first piece of housing data from July: monthly housing starts and building permits. In the month of June, housing starts showed the biggest one-month drop in history, which is especially troublesome because of the effect of rising mortgage rates on new housing contracts. The large drop was due to multi-family starts, but we also saw the first monthly decline in single-family starts in two years.

The majority of companies have now reported for the second quarter. Tech companies like JDS Uniphase (JDSU), Cree (CREE), Agilent (A), and Cisco (CSCO) are on the calendar for next week. Additionally, consumer bellwether Wal-Mart (WMT) is set to report before the opening on Thursday.

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