If the market is going to shift its focus to earnings, Tuesday could be the day.
Major banks JPMorgan Chase and Wells Fargo report ahead of the opening bell, as does consumer, pharma giant Johnson & Johnson. There is also the important June retail sales report as well as import prices at 8:30 a.m. ET, and business inventories at 10 a.m.
Oil could also be a major focus Tuesday, amid signs of a possible agreement between Iran, the U.S. and five other countries on the Iranian nuclear program. A deal could mean hundreds of thousands of barrels of Iranian crude could come back on the market in the next several months, a potential negative for oil prices.