The major averages come off a second straight day of strong gains, with wide daily swings becoming the rule rather than the exception. The Dow has posted triple-digit moves in 14 of 18 June sessions, the most in a month since October 2011, and 11 of the past 12. The S&P 500 has moved roughly one percent or more in five of the past six sessions.
A busy morning for economic numbers begins at 8:30 a.m. ET, when the government is out with the latest figures on initial jobless claims, personal income, and consumer spending. Economists look for first-time claims of 345,000 for the week ending June 22, down from 354,000 the prior week. Personal income is expected to rise 0.2 percent for May after being unchanged in April, and consumer spending is seen rising 0.3 percent in May after falling 0.2 percent in April.
At 10 a.m. ET, the pending home sales report from the National Association of Realtors is expected to show a 1.0 percent increase for May after a 0.3 percent rise in April.
At 10:30 a.m. ET, the Energy Department is out with its weekly report on natural gas inventories.
The Treasury is set to sell $29 billion in 7-year notes, with the results of that sale available shortly after 1 p.m. ET. Yields in this week's 2-year and 5-year note auctions came in at the highest in about two years.
There's also plenty of Fed commentary on the calendar, with investors keying on any commentary about the future of quantitative easing. New York Fed President William Dudley, Fed Governor Jerome Powell, and Atlanta Fed President Dennis Lockhart all have speeches during today's Wall Street session.
ConAgra (CAG), KB Home (KBH), McCormick (MKC), and Winnebago (WGO) are among the companies out with quarterly earnings this morning, while Nike (NKE) and Accenture (ACN) issue their numbers after today's closing bell.
Clearwire (CLWR) is among our stocks to watch this morning, with Dish Network (DISH) dropping its bid to buy the wireless service provider. That clears the way for Sprint (S) to buy the part of Clearwire it doesn't already own.
Bed Bath & Beyond (BBBY) reported fiscal first quarter profit of $0.93 per share, in line with estimates, with revenues also in line. The retailer has been reporting improved profits in prior quarters, though profit did slip slightly this time around.
Men's Wearhouse (MW) founder George Zimmer has fired the latest volley in the war of words with the company he founded, disputing the clothing retailer's contention that he pushed to take the company private in an effort to regain control. Zimmer was recently ousted as the company's executive chairman.
HD Supply (HDS) priced its initial public offering at $18/share, considerably below the projected $22 - $25 per share price range. HD Supply is a large distributor of construction materials.
CDW (CDW) priced its initial public offering at $17 per share, after lowering the expected range from $20 - $23 to $17 - $18. The technology products retailer had been taken private in 2007.
Repsol (REPYY) rejected a $5 billion compensation offer from Argentina for the seizure of the Spanish energy producer's YPF (YPF) unit last year. Repsol believes the amount is inadequate to make up for the value of the property seized.
BlackBerry (BBRY) plans to offer information Friday on sales of its BlackBerry 10 devices. The company does not currently provide financial guidance, and estimates of BB10 sales of varied widely.
Paychex (PAYX) reported fiscal fourth quarter profit of $0.38 per share, excluding certain items, one cent above estimates, but revenues for the quarter came up short of consensus. The payroll services provided also projected growth that's short of analyst estimates.
Herman Miller 9MLHR) nearly doubled its fiscal fourth quarter profit from a year ago, but the office furniture company projected current quarter earnings below Street estimates as it grapples with weakness in the domestic government and health care markets.