Wall St opens flat in run-up to big earnings

Wall Street Will be Tested as Market Braces for Deluge of Earnings Reports

While shares of financial firms Bank of America and Goldman Sachs are trading lower after their quarterly results, Netflix stock is nearly 9% higher in electronic trading after the streaming giant posted strong second-quarter subscriber growth.

The direction of the major stock indexes on Tuesday will be determined by the strength of the earnings reports.

Schaeffer's Senior V.P. of Research Todd Salamone highlights key ETF strikes to watch this pre-Fed expiration week. Growth was boosted by unexpectedly strong retail sales and trade, which offset softer investment.

Molson Coors Brewing Company (TAP - Free Report) recently signed a partnership agreement with Hornell Brewing Co., Inc., which is an affiliate of AriZona Beverages.

Overall, little changes across the board as the week got started. The single-session equity put/call ratio jumped to 0.63, and the 21-day moving average fell to 0.62. Elsewhere, the Tuesday's rally in risk assets, like tech names, belied some haven buying as the US dollar slumped in the wake of reports that Republican lawmakers were nixing plans to push forward a Senate bill to repeal and replace the Affordable Care Act, otherwise known as Obamacare. Such disappointing numbers indicated that the US economy hasn't rebounded strongly in the spring, which may give the Fed a reason to reassess how quickly it withdraws stimulus from the economy.

Asset management firm BlackRock fell 3.1 percent after reporting that second-quarter net income came in at $5.25 per share, 15 cents less than expected. JNJ stock is up 0.6% in electronic trading, after closing last night at $132.15. It also said it expects revenues to hit almost $3bn in the third quarter. The company also beat on revenue, but fell slightly shy of Earnings Per Share. The index showed that the prices Americans pay for goods and services aren't rising very much.

On the data front, the export price index and import price index are due at 1330 BST, while the NAHB housing market index is out at 1500 BST. Turns out that reforming healthcare is not as easy as some thought. As the yen surged against the dollar, Japan's Nikkei tumbled 0.6% to settle just below the 20,000 level. For the Dow, well that closed pretty much flat too, with IBM shares seeing the most losses and Home Depot adding the biggest gain.

European markets are trading lower at midday. However, London's FTSE 100 has pared its decline to 0.05% at last look, as tame inflation data has tamped down rate-hike expectations.

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