A light economic calendar and few earnings reports are unlikely to resolve the uncertainty investors face regarding the global economic outlook and the overall corporate profit picture. Stocks fell sharply Thursday, with the Dow Jones Industrial Average losing 2.6 percent, after the latest monthly payroll numbers proved far worse than expected. The poor reading adds uncertainty to an already murky economic outlook–a picture that is unlikely to become much clearer given the lack of news scheduled during the week ahead.


Monday, July 6
The economic calendar is light in the first half of the week. The ISM Services Index–due out Monday at 10:00 a.m. eastern time–is the only economic stat scheduled until a report on consumer credit Wednesday afternoon.

Economists expect the ISM Services Index, which tracks economic activity outside of the manufacturing sector, to improve to 46 in June, up from 44 the month before.

The earnings calender is also light, but now that the books are closed on the second quarter, the pace of earnings “pre-announcements” could begin to rise.

Indeed, investors could begin to feel some pre-earnings “jitters” before the reporting-season gets into full swing in mid-July. Thomson Reuters reports that analysts currently expect a 35.5 percent in second quarter profits. There have already been 56 negative pre-announcements, compared to 37 positive ones.


Tuesday, July 7

The day holds no economic data.

Ruby Tuesday (RT) reports earnings.


Wednesday, July 8

Alcoa (AA), the first Dow stock to report second quarter results, unofficially kicks off the earnings reporting season with a report due out after the closing bell.

Family Dollar (FDO) and Pepsi Bottling (PBG) release results Wednesday morning.

Crude oil is back in focus. Prices fell towards $66 a barrel on weak jobs data Thursday and now attention turns to weekly inventory data (expected at 10:30, but might be delayed one day due to last week’s holiday).

A report on consumer credit is due out at 15:00. Economists expect to see a -7.5 billion deficit in May, up from -$15.7 billion the month before.

The G-8 Summit begins.


Thursday, July 9

After the Labor Department said Thursday that the US economy lost 467,000 jobs in June, 100,000 more than economists expected, attention turns to weekly jobless claims numbers to see if the situation is improving in early July.

A report on wholesale inventories is due out at 10:30 a.m. eastern time.

3Com (COMS), Shaw Group (SGR), and Infosys (INFY) report earnings. CTX shareholders meet.


Friday, July 10

Import/export price data and the latest Trade Balance figures are released before the bell.

The latest University of Michigan Consumer Sentiment Index is due out at 9:55.

Progressive (PGR) reports earnings. Marvell Tech (MRVL) hosts a shareholder meeting.