By selling stocks down last week -- the Dow dropped 1.9%, the S&P 500 lost 2.5%, and the Nasdaq fell 2.3% -- investors could have been signaling that they were becoming more pessimistic about companies' reports. But they may still be more optimistic than earnings data and outlooks will justify.
"This is going to be a very challenging earnings season," said Jill Evans, co-portfolio manager of the Alpine Dynamic Dividend Fund. "In March, things were so dire. No number was too bad because expectations were so low."
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At a glance
TODAY
Institute for Supply Management releases its services sector index for June.
TUESDAY
Treasury Department auction
WEDNESDAY
Federal Reserve releases consumer credit data for May.
President Obama attends the Group of Eight summit in L'Aquila, Italy, that begins today and ends Friday. He also leads a meeting on energy and climate.
Quarterly earnings report due from Alcoa.
THURSDAY
Retailers report monthly sales results.
Labor Department releases weekly jobless claims.
Commerce Department releases wholesale trade inventories for May.
Freddie Mac releases weekly mortgage rates.
House Financial Services subcommittee hearing on the role of the Federal Reserve in the president's proposed financial overhaul.
FRIDAY
Commerce Department releases international trade data for May.
House Financial Services Committee hearing on derivatives and the president's proposed financial overhaul.
