U.S. stock futures advanced Monday morning, ahead of yet another week full of corporate reports, with some heavyweights already reporting this morning. Investors will be looking to see if results continue to top projections on average. Meanwhile, investors will digest some of Bernanke's remarks as they await more housing data due out after the market opens.[Update 9:00 a.m.: Futures turned direction following several disappointing earnings reports this morning.]
Markets have rallied the past two weeks alongside earnings season. This week, over 140 companies of the S&P 500 are due to report. This morning it is Aetna (NYSE: AET), Amgen (NASDAQ: AMGN), Honeywell International (NYSE: HON) and Verizon Communications (NYSE: VZ). Analysts are raising U.S. profit estimates for the first time since credit markets froze two years ago, with the S&P 500 earnings estimates now at $74.55 a share next year, up from $72.54 in May, indicating a potential 26 percent increase in the S&P 500.
Federal Reserve Chairman Ben Bernanke said Sunday that he had to "hold my nose" over last year's bailouts of big financial companies but argued that the action had to be taken to avoid a major meltdown of the U.S. financial system and the broader economy. He added that the unemployment will likely remain high even as the U.S. exits the recession. Otherwise he mostly repeated the Fed's stance on most issues.
On the economics front, June new-home sales are due for release at 10:00 a.m. Eastern, and sales are forecast to have risen to a 355,000 unit annualized rate, according to Briefing.com.
Overseas, world stock markets rose again Monday on similar hopes regarding corporate earnings and what they means to the global recession. Meanwhile, as expectations demand will increase, oil prices rose above $68 a barrel Monday.
Retailers can't wait for Black Friday, open Thursday
Tiffany's serves up solid quarterly earnings
Cramer on BloggingStocks: This bullish retail story looks like a good fit 
