Dow Jones 30: Industrials Index

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U.S. STOCK PREVIEW

Today's June new home sales report is expected to show an increase of +1.7% to 484,000, adding to the +2.1% increase to 476,000 seen in May. The Treasury today will sell $35 billion in 5-year T-notes. The Treasury will then conclude this week's $99 billion T-note package by selling $29 billion in 7-year T-notes on Thursday. Conferences during the remainder of this week include China Venture Capital & Private Equity Forum on Wed/Thu. Today is a very heavy earnings day with 48 of the S&P 500 companies scheduled to report earnings. Notable earnings reports include Ford (consensus $0.37), Nasdaq (0.63), Boeing (1.58), Caterpillar (1.68), and Visa (1.80).

Sep E-mini S&Ps (ESU13 +0.37%) this morning are up +4.50 points (+0.27%) on the 4% overnight rally in Apple on strong earnings and on the +1.03% rally in Euro Stoxx 50 index on the stronger-than-expected Eurozone PMI report, which suggested that the Eurozone economy might finally be emerging from recession. The S&P 500 index on Monday closed mildly lower on the sharp -18 point decline in the Richmond Fed manufacturing index but found support from the report that China's premier said that 7% GDP growth is the lowest that the government will tolerate. Apple rallied 5% in after-hours trading on a positive earnings report. Closes: S&P 500 -0.19%, Dow Jones +0.14%, Nasdaq 100 -0.78%.