The Week Ahead

Dow component Alcoa (AA) kicks off the second quarter earnings reporting season on Wednesday, but market participants looking for a flurry of earnings reports will have to wait a week for market-moving names to hit the Earnings Calendar.

Market participants don't have a lot of economic data to digest either.  A rather light Economic Calendar is highlighted by the Trade Balance report for May as well as the latest reading on ISM Services and the weekly update on Initial Unemployment claims.

Perhaps the most influential news for the market will come out of the Group of Eight summit in Italy.  China has reportedly asked to debate proposals for a new global reserve currency, and commentary or speculation from the summit could influence the dollar and commodities trading.

Monday, July 6:

• Earnings: None

• Economic Data: ISM Services (June)

• Events: None

• Conferences: None

• Fed Speakers: None

Tuesday, July 7:

• Earnings: None

• Economic Data: None

• Events: None

• Conferences: Credit Suisse Group EEMEA Best Ideas Conference (Day 1 of 1)

• Fed Speakers: None

Wednesday, July 8:

• Earnings: Family Dollar (FDO), Pepsi Bottling Group (PBG), Alcoa (AA)

• Economic Data: Consumer Credit (May)

• Events: Crude Inventories (week ended July 4)... Group of Eight Italian Summit (Day 1 of 3)

• Conferences: Bank of America Health Care Conference (Day 1 of 1)... Morgan Stanley Energy Deepwater Conference (Day 1 of 1)

• Fed Speakers: Chicago Fed President Evans in South Bend, Ind. (12:55 ET)

Thursday, July 9:

• Earnings: 3Com (COMS), Infosys (INFY)

• Economic Data: Initial Unemployment Claims (week ended July 4)... Wholesale Inventories (May)

• Events: Group of Eight Italian Summit (Day 2 of 3)

• Conferences: Financial Research Associates Solar Summit (Day 1 of 2)

• Fed Speakers: Fed Governor Duke at FDIC conference (09:00 ET)

Friday, July 10:

• Earnings: None

• Economic Data: Trade Balance (May)... University of Michigan Consumer Sentiment-Preliminary (July)

• Events: Treasury Secretary Geithner testifies before congressional panel on over-the-counter derivatives... Group of Eight Italian Summit (Day 3 of 3)

• Conferences: Financial Research Associates Solar Summit (Day 2 of 2)

• Fed Speakers: None