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Pressure's on Apple this week
It's looking like a relatively quiet week on Wall Street, with markets closed Monday for Martin Luther King Day.
The highlight of the economic calendar is probably the housing data we'll get Tuesday and Friday.
According to Bricklin Dwyer, an economist at BNP Paribas, we should see "continued improvement" in both new home sales and existing home sales numbers for December, which will confirm that a recovery in the housing market has taken hold.
There will be a flood of earnings reports coming in this week, with more than 300 companies releasing quarterly results between tomorrow and Friday. Notable names reporting results include Apple, Google, IBM, McDonald's and Starbucks.
Wall Street is especially concerned about Apple's earnings.
Shares of the technology behemoth fell below $500 last week, the first time they did so since February 2012, with investors nervous about the company's declining profit margins.
Having fallen almost 30% from an all-time high of $705.07 last September, the stock could tumble further if Apple delivers a disappointing earnings report.
Dwyer added that the decision made last Friday by House Republicans to extend the U.S. debt ceiling, if only for three months, was another piece of good news that should inject a shot of confidence into the stock market.