Stocks are little-changed this morning as investors await key economic data and watch events overseas.
S&P 500 futures are down about 0.1 percent, while Europe is mixed. Asia mostly advanced overnight, led by a gain of more than 2 percent in Shanghai after Chinese data showed industrial profit growth almost doubling in June.
But the big events come later this week. Pending home sales are the only item on today's agenda, while tomorrow features the Case-Shiller home-price index and consumer confidence. Wednesday is extremely active, with ADP's private-sector payrolls report, the preliminary estimate of second-quarter gross domestic product and the Federal Reserve's interest-rate decision. Friday brings non-farm payrolls and the Institute for Supply Management's manufacturing index.
Attention may also turn to events overseas as Israel continues military operations in Gaza and the West continues to butt heads with pro-Russian separatists in Ukraine. Corporate earnings continue to flow as well.
The S&P 500 has been consolidating around 1975 for most of July following a rally in May and June. Transportation stocks and the Nasdaq have led the advance while small caps have lagged.
Sentiment has shifted in favor of international stocks--especially China--along with names that will profit from a stronger global economy. That includes energy, aluminum companies, steelmakers and iron-ore miners. Our researchLAB market scanner shows S&P 500 flat in the past week, while most other global indexes have advanced.
In company-specific news, Family Dollar is surging 24 percent after accepting an $8.5 billion takeover from Dollar Tree, which also rose DLTR rose 8 percent on the news. Engine maker Cummins is flat after earnings and revenue beat forecasts. Cal-Maine is indicated higher after announcing strong results.
There are no big movers in commodity or foreign-exchange markets.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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