Market focus this week will be on Federal Reserve Chairman Ben Bernanke as he gives his semiannual report before the Senate Banking Committee on July 17 and House Committee on July 18. Investors will listen for any hints of further stimulus measures.
The Commerce Department will release business inventories data for May at 10 pm ET. Analysts polled by Briefing.com predict inventories rose by 0.2 percent, down from 0.4 percent in April.
GlaxoSmithKline is expected to announce a hostile takeover of biological research firm Human Genome .
Also on the M&A front, Par Pharmaceutical skyrocketed after private-equity firm TPG said it would acquire the generic drug company for $1.9 billion, or $50 a share.
Comcast bought out Microsoft's 50 percent stake in MSNBC.com for a reported $300 million to assume full control of the news website. Comcast is the parent company of NBCUniversal.
European shares edged downas investors took profits on a 6-week run of gains. Market participants cited concerns the ongoing euro zone debt crisis will impact on second-quarter earnings. (Read More: Why Investors Cannot Ignore Greece)
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
Coming Up This Week:
MONDAY: Business inventories
TUESDAY: CPI, treasury int'l capital, industrial production, housing market index, Ben Bernanke speaks, Cleveland Fed Pres speaks, Google Ideas conf.; Earnings from Coca-Cola, Goldman Sachs, J&J, Mattel, Intel, Yahoo, CSX
WEDNESDAY: Weekly mortgage apps, housing starts, Ben Bernanke speaks, Fed's Beige Book; Earnings from BofA, Abbott Labs, Honeywell, PNC Bank, USBancorp., AmEx, IBM (tentative), Qualcomm, Ebay, Yum Brands
THURSDAY: Jobless claims, existing home sales, Philadelphia Fed survey, leading indicators; Earnings from Morgan Stanley, Novartis, Philip Morris, Travelers, Verizon, AutoNation, BB&T, Blackstone, Nokia, Southwest Airlines, Google, Microsoft, AMD, Capital One, Chipotle, ETrade, Sandisk
FRIDAY: Fender and Kayak trading debut; Earnings from GE, Schlumberger, Xerox
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