For the first time in weeks, Federal Reserve officials are keeping a low profile and stocks may be more influenced by a rush of earnings news in the week ahead.
About a third of the S&P 500 companies report, with Apple, McDonald's, Boeing, Caterpillar, Pepsico and Facebook among them. There is also housing news, including existing home sales Monday and new home sales Wednesday. Durable goods are reported Thursday, consumer sentiment is Friday, and the government auctions $99 billion in 2-, 5- and 7-year notes Tuesday through Thursday.
Second-quarter earnings season has already had a few major bumps, and there could be a few more even as stocks sit at record highs. Of the roughly 20 percent of the S&P 500 companies that have reported as of Friday, 65 percent beat earnings estimates, and 51 percent beat on revenues, according to Thomson Reuters.