Key earnings reports lead calendar

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Corporate earnings dominate today's economic calendar.

Goldman Sachs, Johnson & Johnson, Mosaic, and Coca-Cola are all scheduled to release quarterly results this morning. Internet giant Yahoo and railroad CSX follow in the afternoon after the closing bell.

Consumer-price data for June will be announced at 8:30 a.m. ET. Economists expect an increase of 0.3 percent for the overall headline reading and 0.2 percent for the so-called core reading, which excludes food and energy. The report might not have a big impact on sentiment because inflation hasn't been a concern recently.

The most important economic report may actually come from Europe early in the session, when Germany's Zew institute publishes its gauge of financial-market sentiment.

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