UPDATE 1-What to Watch in the Day Ahead - Tuesday, June 23

Mon Jun 22, 2015 3:03pm EDT
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(Updates paragraph 1 and removes item on Medicines Co since the news was reported on Monday)

A gauge of U.S. business spending likely will show orders for long lasting U.S.-made goods slipped in May, dragged down by slower demand for transportation goods. Economists expect overall durable goods orders fell 0.6 percent. Non-defense capital goods orders are expected to have risen 0.5 percent.(0830/1230) The department will also issue May data for new home sales.(1000/1400) Separately, financial data firm Markit releases Manufacturing Purchasing Managers' Index for June, which is expected to have slightly increased to 54.2 from 54.0 in May. (0945/1345) The Federal Housing Finance Agency issues the house price index for April.(0900/1300)

Federal Reserve Board Governor Jerome Powell is part of a panel discussion on "Monetary Policy Outlook and the Economy" and will hold a question and answer session on economic policy with Wall Street Journal in Washington. (0830/1230)

Carnival Corp, the world's largest cruise operator, is expected to report second-quarter profit and sales above analysts' average estimate, according to Thomson Reuters StarMine data. The company is expected to be helped by higher bookings and online spending by consumers, particularly in the Caribbean, its largest market. Investors will also be looking for Carnival's third-quarter forecast, when it usually earns the largest share of annual profit due to peak demand in the summer.

General Motors Co will host a two day event during which it will introduce two new products, discuss product introductions, Chevrolet's growth plans and talk about electrification, tech and R&D plans. Chevy marketing chief Tim Mahoney will be among the executives meeting with the media on the first day.

Darden Restaurants Inc reports fourth-quarter results. The Olive Garden restaurant chain owner is expected to report profit and sales largely in line with analysts' average estimate, according to Thomson Reuters StarMine data. Investors will be looking for the company's fiscal 2016 forecast and further details on its new cost saving initiatives and property deals. Darden said last quarter that it was looking to create value from real estate as traffic at its flagship Olive Garden chain continued to fall.

Defective Takata Corp air bags, which have been linked to at least seven deaths and hundreds of injuries, will fall under congressional scrutiny for a second time this year when the Senate Commerce Committee takes up the issue at a hearing. Witnesses include top U.S. auto safety regulator Mark Rosekind, Transportation Department Inspector General Calvin Scovel and U.S. executives from Takata, Honda and Fiat Chrylser. The hearing will examine the role of the National Highway Traffic Safety Administration in the recall investigation, Takata's remediation efforts and how car makers are addressing the presence of defective air bags in their vehicles.

LIVECHAT: GLOBAL STRATEGY - How much danger does Greece really represent for global investors? Discussion with Keith Dicker of IceCap Asset Management Have asset markets and currencies appropriately gauged the risk of a prolonged stalemate in Europe over Greece? Keith Dicker of IceCap Asset Management returns to the Forum at 1000 ET (1400 GMT) to look at investing in Europe and how the U.S. Federal Reserve's cautious approach to lift-off is affecting U.S. risk. To join the forum, click here: bit.ly/1kTxdKD

Brazil's central bank releases bank default rates for May. Outstanding loans in the country's banking system rose 0.1 percent in April. Separately, Argentina's government is due to release May trade balance data. (Compiled by Nivedita Balu; Editing by Savio D'Souza)