European markets are called to open negative this morning.
Asian stocks fell, sending the region’s benchmark index lower for the fifth day in six as European Union officials struggled to break a deadlock on a second Greek rescue plan and China ordered lenders to set aside more cash as reserves.
U.S. stocks rallied Tuesday, with all three major indexes ending up more than 1%, following better-than-expected data on retail sales and inflation and Bernanke’ call to Congress on the debt ceiling.
The Dow Jones industrial average jumped 123 points, or 1%, with 80% of the blue-chip index’ 30 components moving higher. A 4.5% jump in shares of Home Depot led the advance. Caterpillar and Boeing were also big gainers.
The S&P 500 rose 16 points, or 1.3%, with shares of JC Penney soaring 17.5% after the department store chain named Apple retail executive Ron Johnson as its next CEO.
Events this week
Wednesday: The Labor Department will release its consumer price index for May at 8:30 a.m. ET. Economists expect consumer inflation ticked up by 0.1% in May, down from the 0.4% rise reported the month prior.
Also out Wednesday are the Empire State manufacturing index, and the Federal Reserve’ industrial production and capacity utilization reports.
Thursday: Investors will get initial unemployment claims at 8:30 a.m. ET from the Labor Department, along with May housing starts and building permits data from the Commerce Department. Economists expect weekly claims will fall to 421,000 from last week’ reading of 427,000 claims.
The Federal Reserve Bank of Philadelphia will release its June manufacturing survey at 10 a.m. ET.
Supermarket chain owner Kroger will report results before the opening bell, with analysts expecting earnings of 64 cents per share.
Reporting results after the close will be BlackBerry maker Research in Motion, which is expected to have earned $1.32 a share.
Friday: The University of Michigan will release its initial June consumer sentiment index at 9:55 a.m. ET. Economists are looking for the index to fall to a reading of 73.5 from May’ reading of 74.3.