European markets are called to open negative this morning.
Asian stocks declined the most this month, the euro weakened to a two-week low against the dollar and yen, while Australia’s bond risk surged amid concern Europe’s debt crisis will spread to Italy as growth in the U.S. and China slows.
After spending two months focused largely on the state of the U.S. economy, investors will get a chance to turn their eyes back to Corporate America this week.
Several key companies will report their results for the second quarter this week, with investors getting profit reports from Dow members Alcoa on Monday followed by JPMorgan Chase on Thursday. Citigroup and Google , among others, are also on tap to release their latest sales and earnings.
Events this week
Monday — Second-quarter earnings reports kick off in earnest after Monday’ closing bell with results from Dow component Alcoa. The aluminum company is expected to have earned 32 cents per share.
There is no economic data scheduled for release on Monday.
Tuesday — Investors will get the U.S. trade balance figures for May in the morning. Economists surveyed by Briefing.com expect the U.S. posted a $44 billion trade deficit in May, slightly wider than the $43.7 billion deficit for April.
Minutes from the Federal Reserve’ Federal Open Market Committee meeting from June are also due out in the afternoon.
Wednesday — The Energy Department’ weekly oil inventories report comes out in the morning.
Fed chairman Ben Bernanke will also begin his semiannual testimony to Congress about monetary policy and the economy on Wednesday. Bernanke will appear before the Committee on Financial Services of the House of Representatives.
In earnings, fast food company Yum! Brands as well as hotel chain Marriott will report their earnings after the closing bell.
Thursday – JPMorgan Chase reports its second-quarter results before Thursday’ opening bell, with analysts expecting the commercial banking giant to have earned $1.21 a share according to Thomson Reuters.
There are several economic reports out Thursday morning. The Labor Department will issue its weekly jobless claims report and its June producer price index report, also known as wholesale inflation. The Commerce Department issues its reports on June retail sales as well.
Economists forecast that weekly jobless claims held mostly steady at 419,000 claims, up 1,000 from last week. Retail sales are expected to fall 0.2% for June and the producer price index is expected to fall 0.3%.
Bernanke’ testimony to Congress continues, with the Fed chairman appearing before the Senate’ Committee on Banking, Housing, and Urban Affairs.
After the bell, Internet search giant Google will report its quarterly results. Analysts expect that Google earned $7.86 a share.
Friday — The Labor Department releases its June consumer price index data, the nation’ most common read of inflation, in the morning. Economists are looking for CPI to fall 0.1% versus the 0.2% rise reported in May.
Investors will also get June industrial production figures, the July reading on the University of Michigan consumer sentiment index and the Empire State Manufacturing Index.
Citigroup and toy maker Mattel are slated to report their latest quarterly results in the morning as well.