Stocks appeared set to bounce back modestly after slumping Friday, as index futures edged higher.
Earnings and corporate outlooks will be a primary driver of trading this week since there are only a few economic reports due out. New earnings this week continue to show second quarter profits are exceeding expectations. Hasbro and Halliburton both reported higher earnings. After the close today, IBM and Texas Instruments will report. Throughout the week, 122 of the S&P 500 companies will report.
The housing market will be the focal point of the economic data this week, starting today with the National Association of Home Builders Housing Market Index. Housing starts will be released tomorrow and mortgage applications on Wednesday. On Thursday we will see a report on existing home sales and the weekly jobless claims number. There are no reports scheduled for Friday.
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