Before the bell: Stocks set to rebound as more earnings on tap
With no economic releases scheduled for Monday, it seems the GDP report due out Thursday is really the one in focus this week as it could reveal a better picture of the U.S. economy and whether it has returned to growth.
The Treasury is selling $7 billion of five-year inflation-protected notes Monday, the first of four note auctions this week totaling a record $123 billion. But Treasury Secretary Timothy Geithner's plans to lock in near record-low borrowing costs in 2010 may mean a second year of losses on longer-term bonds.
In the financial sector, more bank bankruptcies over the weekend brought the total number of such bankruptcies to 106 this year.
Verizon Communications Inc. (VZ), the second-largest U.S. phone company, is due to report earnings this morning. More than 80 percent of companies in the S&P 500 that have reported third-quarter results have beaten analysts' projections, exceeding the pace of 72.3 percent from last quarter.
Meanwhile, the dollar fell and metals rose, driving copper to a 13-month high. Oil prices slipped to near $80 a barrel Monday after last week's jump to a 2009 high. Traders look at economic and earnings data this week that could give a better picture regarding the economic recovery, which will give hint as to oil demand.
Overseas, stocks in Asia mostly finished higher. In Europe, stocks drifted higher.