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Revised consumer-sentiment data is the only economic report on today's calendar.

The University of Michigan's survey for July will be released at 9:55 a.m. ET and is expected to come in at 84.0, up slightly from the previous 83.9 reading. The final number for June was 84.1.

Corporate earnings will likely continue dominating headlines, but the number of reports will be much lower than yesterday's onslaught. Among those companies reporting quarterly results before the open are Tyco, LyondellBasell, KKR, Lear, Weyerhaeuser, Stanley Black & Decker, and Newell Rubbermaid.

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