At 7 a.m. ET, Dow Jones industrial average, S&P 500 and Nasdaq 100 futures were slightly higher.

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.

Investors face a holiday-shortened trading week that brings key economic news on housing, manufacturing and the labor market.

"This is an abbreviated week, but with a lot on the calendar," said Peter Cardillo, chief market economist for Avalon Partners, noting that the most important report, on unemployment, is Thursday.

"I think that most of the numbers are going to point to an economic rebound," said Cardillo.

In Monday's trading, Cardillo said the slight gains in the U.S. futures were taking their lead from strength in the European markets. He also said the end of the quarter might help to fuel the market, as money managers adjust their books.

Madoff: Ponzi mastermind Bernard Madoff finds out Monday whether he will spend the rest of his life behind bars. He faces a maximum of 150 years in prison at his sentencing

Companies: Employment consulting firms Watson Wyatt (WW) and Towers Perrin agreed Sunday to merge. The deal is valued at $3.5 billion. The new firm will be publicly listed.

Microsoft (MSFT, Fortune 500) is planning to sell its digital agency Razorfish, the Financial Times reported.

World markets: Stocks in Asia finished mostly lower. In morning trading, major European markets were modestly higher.

Oil and money: The dollar rose against major international currencies, including the euro, the yen and the British pound. The price of oil rose 37 cents a barrel to $69.53. 

Reports on housing, manufacturing and the labor market dominate in a week that will also feel the influence of quarter-end portfolio rejiggering.

Typically, the quarter's end can push stocks higher as market pros look to "window dress," and spruce up their portfolios.

But stocks have been flat to lower for the last two weeks as investors step back after a big spring rally. That hesitation is likely to continue into next week.

Between the trading lows on March 9 and the trading highs of June 11, the S&P 500 (SPX) gained 43%. And that's probably it for the bulls until later in the fall, said Donald Selkin, chief market strategist at National Securities.

"Since the end of World War 2, the average short term bull market within a longer term bear market has been 42%," Selkin said. "We've done that already so a rest was inevitable."

That rest has amounted to a decline of about 4% on the S&P 500 over the last two weeks and that could stretch on a bit more. Selkin said stocks will likely chop around in a range through the summer, sell off more in the fall and then stage another big rally toward the end of the year when some of the economic and corporate news starts to improve.

0:00 /4:43Focusing on the broad market

A full week's worth of economic news will be stuffed into four sessions, as Wall Street takes a three-day weekend that includes the 4th of July holiday.

The June pending home sales index Wednesday and the June employment reports Wednesday and Thursday will likely draw the most attention. In May, employers cut far fewer jobs from their payrolls than economists had forecast and investors will be looking to see if that trend continues.

Monday: Bernard Madoff faces sentencing in the morning. The Ponzi schemer has already pled guilty to 11 counts of fraud, money laundering, theft and perjury. He is expected to be sentenced to life in prison, with a statutory maximum of 150 years on the table.

Tuesday: The June Consumer Confidence index from the Conference Board is expected to have risen to 55.1 from 54.9, according to a consensus of economists surveyed by Briefing.com.

The S&P/Case Shiller 20-city home price index is expected to have fallen 18.75% in April from a year ago, after posting a year-over-year decline of 18.7% in March.

The Chicago PMI, a regional read on manufacturing, is expected to have risen to 38.5 in June from 34.9 in May.

Wednesday: The June reading on private-sector employment from payroll services firm ADP is due before the start of trading. Employers are expected to have cut 363,000 jobs from their payrolls in June after cutting 532,000 in May.

The Pending Home Sales index from the National Association of Realtors is expected to have risen 1.1% in May after rising 6.7% in April.

The Institute for Supply Management's June manufacturing index is expected to have risen to 44 from 42.8 in May, according to forecasts.

May construction spending is expected to have fallen 0.5% after posting a surprise rise of 0.8% in April. The Commerce Department report is due out after the start of trading.

The weekly crude oil inventories report from the Energy Information Administration is due shortly after the start of trading. June auto and truck sales are due throughout the day.

Thursday: The week's biggest economic news is the June employment report from the Labor Department, due before the start of trading. Employers are expected to have cut 370,000 jobs from their payrolls after cutting a much smaller-than-expected 345,000 in the previous month.

The unemployment rate, generated by a separate survey, is expected to have risen to 9.6% from a 26-year high of 9.4% in May.

In light of the monthly payrolls report release, the weekly release from the Labor Department, also due, will have little impact.

After the start of trading, the Commerce Department will release the May factory orders report. Orders are expected to have risen 0.2% after rising 0.7% in April.

Friday: All financial markets are closed for the 4th of July holiday weekend. 

NEW YORK (CNNMoney.com) -- Stocks rallied Thursday, finding momentum after a week of choppy trading, as investors scooped up a variety of shares hit in the recent selloff -- including commodity, consumer, homebuilding and tech issues.

The Dow Jones industrial average (INDU) gained 172 points, or 2.1%. The Dow rose as much as 190 points earlier in the afternoon.

The S&P 500 (SPX) index gained 19 points, or 2.1%, and the Nasdaq (COMP) added 37 points, or 2.1%.

Stocks have dipped over the last week as the more than 3-month old rally lost steam. But that selloff seemed to draw new buyers Thursday, thanks in part to strong demand for Treasury's $27 billion 7-year note auction, which sent bond yields lower. A rally in commodities and some end-of-quarter buying also helped.

"Having been down for over a week and giving back more than 5% of the move, with the end of the quarter approaching, people are stepping in," said Ted Weisberg, NYSE floor trader at Seaport Securities.

Stocks were mixed Wednesday after the Federal Reserve kept short-term rates near zero and said the pace of the recession is slowing, but didn't say much else.

In particular, investors may have been looking for the central bank to announce an expansion of a program meant to keep spiking bond yields in check. Worries that rising bond yields -- tied to mortgage rates -- could derail a recovery has put some caution into the stock market after a 3-month rally that lifted the S&P 500 index 40% off of 12-year lows.

May personal income and spending reports are due in the morning from the Commerce Department, before the start of trading. The revised reading on consumer sentiment from the University of Michigan is also due, but it's not usually a market mover.

Ben Bernanke: The Federal Reserve Chairman told a House committee that he did not pressure Bank of America (BAC, Fortune 500) CEO Ken Lewis to complete his firm's purchase of Merrill Lynch, as Lewis testified two weeks ago. Bernanke also denied having asked former Treasury Secretary Henry Paulson to act on his behalf.

Company news: Gains were broad based Thursday, with 29 out of 30 Dow issues rising, led by IBM (IBM, Fortune 500), Boeing (BA, Fortune 500), United Technologies (UTX, Fortune 500) and oil components Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500).

Dow component Bank of America (BAC, Fortune 500) was unchanged as the hearing about its purchase of Merrill Lynch created some investor concern.

Bed Bath & Beyond (BBBY, Fortune 500) reported higher quarterly earnings late Wednesday that topped expectations, as cost cutting countered the impact of slowing demand. Shares gained 9.5% in active Nasdaq trading Thursday.

A number of other retailers rose too, including Home Depot (HD, Fortune 500) and Lowe's (LOW, Fortune 500).

Homebuilder Lennar (LEN) reported a larger-than-expected quarterly loss versus a year ago and a smaller-than-expected drop in revenue. However, the company reported a rise in new home sales and orders versus the first quarter, sending its shares up 17.5%.

Toll Brothers (TOL), Centex (CTX, Fortune 500) and KB Home (KBH) were among the other gainers in the sector.

Market breadth was positive. On the New York Stock Exchange, winners topped losers by four to one on volume of 1.23 billion shares. On the Nasdaq, advancers topped decliners four to one on volume of 2.27 billion shares.

Economy: The number of Americans filing new claims for unemployment rose 15,000 to 627,000 last week, surprising economists who thought claims would fall to 600,000.

Continuing claims, a measure of Americans receiving benefits for a week or more, rose to 6,738,000, after dropping in the previous week.

Another government report showed the first-quarter gross domestic product growth shrank at a slower pace than initially thought. GDP shrank at an annual rate of 5.5% versus the initially reported 5.7% decline. Economists expected no change.

Bonds: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.54% from 3.68%. Treasury prices and yields move in opposite directions.

Other markets: In global trade, Asian markets ended higher and European markets ended lower.

U.S. light crude oil for August delivery rose $1.56 to settle at $70.23 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery rose $5.10 to settle at $939.50 an ounce.

In currency trading, the dollar gained versus the euro and fell against the yen.

NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a slightly higher open Wednesday as investors wait to hear what Federal Reserve policy makers say about the economy.

At 7:10 a.m. ET, S&P 500, Nasdaq-100 and Dow Jones industrial average futures were higher.

Stocks ended little changed Tuesday after a weaker-than-expected housing market report and the start of the Fed's two-day meeting. The Dow industrials slipped 16 points to a 3-week low.

Art Hogan, chief market strategist at Jefferies & Co., said futures were trading higher because we're "in deficit territory," referring to the 5% decline in stocks over the last week and on Monday.

He also said that investors were feeling somewhat bullish ahead of the morning's economic reports, on the basis that "new home sales are moving in the right direction."

Economy: The government's May durable goods orders report is due before the start of trading. Economists surveyed by Briefing.com expect a 0.9% decline after a 1.9% gain in April.

After the opening bell, the May new home sales report is scheduled. Economists expect a rise in the annual sales rate to 360,000 from 352,000 in April.

Fed meeting: The Federal Open Market Committee will conclude its two-day meeting Wednesday, with an announcement scheduled for around 2:15 p.m. ET.

The central bank is expected to hold interest rates steady at historic lows near zero. However, what officials say about the economy and the outlook for inflation will be carefully considered, as will any action involving the Treasury market.

Companies: Software maker Oracle (ORCL, Fortune 500) reported a decline in fiscal fourth-quarter operating income, but the result was still better than analysts' forecasts. The company also reported sales above expectations and record profit margins. Shares gained 2.5% in after-hours trading.

Apple (AAPL, Fortune 500) CEO Steve Jobs is recovering from after a liver transplant at Methodist University Hospital Transplant Institute in Memphis, Tenn., the institute's program director said Tuesday. The institute did not say when the transplant took place; published reports indicated that Jobs -- on leave from Apple through the end of this month -- had the procedure two months ago.

Other markets: Asian stocks ended higher Wednesday, with Tokyo's Nikkei up 0.4%. European markets were higher in midday trading.

Oil was down 48 cents to $68.76 a barrel ahead of the government's weekly inventory report. 

 

NEW YORK (CNNMoney.com) -- Stocks struggled Tuesday, with the Dow touching a fresh three-week low, as investors eyed a weaker-than-expected housing market report and geared up for the latest from the Federal Reserve.

The Dow Jones industrial average (INDU) fell 16 points or 0.2%. The S&P 500 (SPX) added 2 points, or 0.2% and the Nasdaq (COMP) ended just below unchanged.

After rallying 40% in 14 weeks, stocks, as represented by the S&P 500, have lost around 6% in just over a week. Bets that an economic recovery is brewing fueled the advance. But those bets turned to worries that the recession will drag on and the market has gotten ahead of itself.

"We went from economic news that was pretty dire to news that was just less dire," said Matt King, chief investment officer at Bell Investment Advisors. "But the news never turned positive."

"For the rally to keep going we need to start getting some good news," he said. "Yesterday's outlook from the World Bank certainly didn't help."

Stocks sank to three-week lows Monday after the World Bank's dour outlook on global growth and a selloff in commodities spooked investors.

Wednesday brings a slew of economic news. The May durable goods orders report is due before the start of trading. The May new home sales report is due out after the start of trading.

In Washington, the House Financial Services Committee holds a hearing on regulatory restructuring starting at 10:00 a.m. ET.

The weekly crude oil supply report from the Energy Information Administration is due at around 10:30 a.m. ET.

And the Fed will make an announcement about interest-rate policy around 2:15 p.m. ET.

Housing: Existing home sales rose 2.4% to a 4.77 million unit annualized rate in May from a 4.66 million unit annualized rate in April. That was short of forecasts for a rise to 4.82 million units, according to economists surveyed by Briefing.com. The median home price fell 16.8% year over year.

A Labor Department report said mass layoffs -- or layoffs affecting 50 people or more -- rose last month to tie a multi-year record hit in March, as the job market continued to struggle.

The Federal Reserve began its two-day policy meeting Tuesday with an announcement expected Wednesday afternoon. The central bank is expected to hold interest rates steady at historic lows near zero. However, what the bankers say about the economy, the bond market and the outlook for inflation will be critical.

Company news: Boeing said it has again delayed the initial test flight of its new 787 jet because it needs to reinforce part of the aircraft. The flight had initially been planned for late 2007, but got postponed because of production problems and a labor strike.

Boeing (BA, Fortune 500) shares fell 6.5% and dragged on the Dow.

United Technologies (UTX, Fortune 500) and Hewlett-Packard (HPQ, Fortune 500) were the Dow's other big drags.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by a narrow margin on volume of 1.21 billion shares. On the Nasdaq, decliners topped advancers three to two on volume of 2.19 billion shares.

U.S. still tops: Ratings agency Moody's said that the U.S. government's credit rating was still triple-A but that it could be at risk if Washington can't start bringing its debt down.

Bonds: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.63% from 3.68% Monday. Treasury prices and yields move in opposite directions.

The bond market showed little reaction after positive results from a $40 billion two-year Treasury auction. The auction showed strong demand, a positive as the government looks to raise funds to pay for its bailout and stimulus programs.

Other markets: U.S. light crude oil for August delivery rose $1.74 to settle at $69.24 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery rose $3.30 to settle at $924.30 an ounce.

In currency trading, the dollar gained versus the euro and fell against the yen.

NEW YORK (CNNMoney.com) -- Stocks sank Monday, ending at three-week lows, as the World Bank's weak outlook on global growth and a selloff in commodity prices sent investors heading for the exits.

Oil and gold prices slumped and the dollar was mixed. Treasury prices rallied as investors sought safety, sending the corresponding yields lower.

The Dow Jones industrial average (INDU) fell 200 points, or 2.4%. The S&P 500 (SPX) fell 28 points, or 3%, and the Nasdaq (COMP) fell 61 points, or 3.4%.

The World Bank cut its 2009 forecast, predicting that global growth will shrink by 2.9% versus its earlier forecast for a 1.7% contraction. Global trade is expected to plummet 9.7% this year, it said. Developing countries have been especially hard, with the exception of booming China and India.

The forecast sent European markets tumbling as well, while Asian markets ended higher.

"The World Bank news today was pretty major, but it's not just today's news that is causing the selling," said Gary Webb, CEO at Webb Financial Group.

He said that stocks have been falling for several sessions now as investor sentiment has gotten more negative.

"If we don't see something good here in the next few days to cause a rebound, then I think we'll see a bigger pullback," he said. "Even one positive report would help. It wouldn't send stocks flying but it would help limit the decline."

Stocks were mixed Friday at the end of the first down week in a month on Wall Street. A three-month rally propelled the S&P 500 by as much as 40% off of 12-year lows. But the advance has lost steam lately as investors have worried that the recession may stretch on longer than anticipated.

"Every time there's a blip economically, the market sells off," said Ron Kiddoo, chief investment officer at Cozad Asset Management.

"But I also think we were ready for a pullback," he said. "You don't get 30 or 40 percent rallies without a pullback."

The S&P 500 has now lost 6.6% off the highs from 2 weeks ago. Kiddoo said he thinks the broad index could end up pulling back a total of 10% to 15% before the selloff runs its course.

On the move: Stock declines were broad based, with 27 out of 30 Dow issues falling, led by Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500), which fell in tune with the price of oil.

Other big Dow losers included Boeing (BA, Fortune 500), IBM (IBM, Fortune 500), Hewlett-Packard (HPQ, Fortune 500), 3M (MMM, Fortune 500) and United Technologies (UTX, Fortune 500).

Apple (AAPL, Fortune 500) said it sold more than 1 million copies of its new iPhone 3GS in the first three days it was on sale, in what was being described as the most successful launch of a smartphone ever. Apple shares fell modestly.

A number of financial stocks plunged, including American Express (AXP, Fortune 500), Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500).

The KBW Bank sector index fell 6.7%.

Walgreen shares slipped after it posted a bigger-than-expected drop in quarterly profits.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by nearly eight to one on volume of 1.40 billion shares. On the Nasdaq, decliners topped advancers by more than five to one on volume of 2.36 billion shares.

Economy: No economic reports were due Monday, with readings on housing, consumer spending and the labor market due later in the week.

The Federal Reserve Board meets Tuesday and Wednesday to discuss interest-rate policy with an announcement expected Wednesday afternoon. The central bank is expected to hold interest rates steady at historic lows near zero. But as usual, what the bankers say in the statement about the economy will be key.

Bonds: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.70% from 3.83% Friday. Treasury prices and yields move in opposite directions.

Other markets: U.S. light crude oil for July delivery fell to a two-week low, tumbling $2.62, or 3.8%, to settle at $66.93 a barrel on the New York Mercantile Exchange. The July contract expired Monday. August becomes the active trading month Tuesday.

COMEX gold for August delivery fell $15.20 to settle at $921 an ounce.

In currency trading, the dollar rose versus the euro and fell against the yen.

Gas prices retreated for the first time in 55 days, falling three-tenths of a percent to $2.69 per gallon, according to AAA. Prices had risen 32% since April 29. 

NEW YORK (CNNMoney.com) -- Markets were looking for a fall when they open Monday, as the World Bank said a global recovery was 'unusually uncertain' and cut growth forecasts for most countries.

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.

David Jones, chief market strategist at IG Markets in London, said that market weakness in U.S. futures and the European markets stem from a downshift in global sentiment.

"I think people are thinking we got a little bit ahead of ourselves," said Jones. "Economies around the world are still in pretty rough shape. There's no compelling reason to buy right now."

Technology stocks surged Friday, while the broader market slumped at the end of the first down week in a month for Wall Street.

No economic reports are due Monday. However, readings on housing, consumer spending, the labor market and durable goods orders are on tap later this week.

Investors are also gearing up for a meeting of the Federal Reserve on Wednesday. The bankers are not expected to change their target for short-term interest rates, but investors will be looking for hints on the Fed's views of inflation and the bond market.

Washington: The Senate Banking Committee will hold a hearing on over-the-counter derivatives at 3 p.m. ET.

The Obama administration unveiled last week a sweeping new plan to restructure how how banks and other firms are regulated in the hope of preventing another financial collapse.

International: Asian markets closed slightly higher, but European indexes were down.

Oil and money: The price of oil fell $1.16 a barrel to $68.39. The dollar rose versus the euro the British pound but fell against the yen. 

NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a slightly higher open Thursday, after a government report showed a slight uptick in jobless claims.

But the number of Americans filing for continuing claims declined for the first time since January. Trading will likely be choppy due to the quarterly expiration of options and futures contracts.

At 8:42 a.m. ET, Nasdaq 100, Dow Jones industrial average and S&P 500 futures were slightly higher.

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.

Worries about the economic recovery have clouded markets lately. U.S. stocks finished mixed Wednesday. The tech-heavy Nasdaq managed gains but the Dow and S&P slipped. This occurred as President Obama announced sweeping reforms of the financial industry.

Peter Cardillo, chief market economist for Avalon Partners, said that the markets could be headed for another day of mixed trading, ahead of Friday's "quadruple witching," when contracts expire on stock index futures and options, as well as stock options and futures.

"I think the markets certainly are showing no signs of bouncing from the lows set this week," said Cardillo. "I suspect that pre-option trading expiration is going to continue to weigh on stock prices. Unless we get some overly positive economic data, I suspect that the market will encounter more of the same trading."

Economy: A weekly reading on initial jobless claims showed little change from the week before.

Jobless claims rose slightly to 608,000 for the week ended June 13, the government said, from the prior week's revised figure of 605,000.

This isn't much higher than expectations. Claims were expected to be practically flat, at 602,000, from the prior week's unrevised figure of 601,000, according to a consensus of economists surveyed by Briefing.com.

After the opening bell, a report on leading economic indicators is expected to show an increase of 1% in May, according to Briefing.com consensus, matching the 1% increase from the prior month.

The Philadelphia Fed index, a reading on regional manufacturing, is expected to improve to negative 17 in June from negative 22.6 last month, according to Briefing.com.

Capitol Hill: Treasury Secretary Tim Geithner will address Congress to detail President Obama's proposals on financial regulatory reform and answer questions.

Companies: Tension is growing between rivals Google (GOOG, Fortune 500) and Microsoft (MSFT, Fortune 500). Microsoft claimed Wednesday that a Google application disables a key function in Microsoft's Outlook email program.

BlackBerry maker Research in Motion (RIMM) is due to post quarterly results after U.S. markets close.

World markets: Stocks in Asia finished the session in negative territory. Major European markets were also lower in midday trading.

Money and oil: The dollar dipped against the euro, but rose versus the yen and the British pound. Oil fell 24 cents a barrel to $70.79.