U.S. stocks are coming off two consecutive weeks of gains, the first time that's occurred since mid-May. The major averages have already gained more in July than they lost in June, the first losing month of 2013.
Earnings season officially begins today, with Dow component Alcoa (AA) releasing its quarterly numbers after the closing bell. JPMorgan Chase (JPM) and Wells Fargo (WFC) are the other high profile reports out this week, though the pace of earnings reports doesn't begin to pick up until next week.
The Monday calendar has only one economic report, with the government releasing May consumer credit figures at 3 p.m. ET. Consensus forecasts call for a $12.5 billion increase in credit for the month, compared to April's $11.1 billion rise.
Dell (DELL) remains on our watch list this Monday morning, with investor Carl Icahn once again aiming criticism at the computer maker through a letter addressed to both Dell stockholders and a Dell special committee. Icahn accuses the committee of attacking its own business and saying that "no one has less confidence in Dell than Dell itself". Icahn continues to push his alternative proposal to founder Michael Dell's $13.65 per share buyout offer.
Walt Disney (DIS) saw its "Lone Ranger" movie trounced at the weekend box office, taking in just $29.4 million over the weekend. The movie reportedly had a $225 million budget.
BP (BP) will be in court today, with a three judge appeals court panel considering a dispute over the multibillion dollar settlement of Gulf oil spill-related claims. BP claims the terms of the settlement allowed businesses to receive millions in payments for inflated and fictitious losses.
Facebook (FB) officially begins rolling out "Graph Search" to users today, although many of its users have had access to the beta version since January.
Thomson Reuters (TRI) is suspending early release of its widely followed University of Michigan consumer sentiment data. The information had been released to selected clients two seconds ahead of everyone else, but New York attorney general Eric Schneiderman is now reviewing that arrangement.
Microsoft (MSFT) is shutting down its MSN TV service at the end of September. The service, once known as Web TV, was purchased by Microsoft for $503 million in 1997.