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Bank earnings are front and center

By: optionMONSTER
Posted: 7/12/2013 2:47:00 AM
Referenced Stocks: XLF

Producer prices and consumer sentiment are the main economic events today, though bank earnings could steal the show.

JP Morgan and Wells Fargo both report quarterly numbers before the opening bell. JPM is the biggest lender by deposits in the country and WFC is No. 4, according to Federal Reserve statistics. Other financial heavyweights including Citigroup Goldman Sachs, Bank of America, and Morgan Stanley follow next week.

On the economic front, June producer prices come out at 8:30 a.m. ET. The overall reading is expected to show an increase of 0.3 percent while the core number is forecast to increase 0.1 percent. The report is unlikely to have a big impact because inflation is not a big concern facing the market right now.

Consumer sentiment follows at 9:55 a.m. Economists predict a figure of 85, up from 84.1 last month. Next week begins on a similar foot, with the Commerce Department reporting monthly retail sales before Monday's open.