Send this article by email

In other news, traders are also watching lower energy prices, strength in the U.S. dollar, and that Anheuser-Busch accepted a acquisition offer from InBev after the Belgian company sweetened its offer to $70 per share.

Premarket gainers: FNM, FRE, LEH, CRME, TKC, RSG, STEI, RDN, CSIQ, SOLF, ATI, CMA, NTRI, ATI, MFA, WM, MBI, PHG, BUCY, WB, C, MER, GS, CIEN, RIMM, BAC, MER, CROX, & APWR.

Premarket losers: IMB, DTPI, CGV, GFIG, TUES, BGFV, FCSX, AMKR, INFY, NETL, LWSN, & ACGY.

The focus today will remain on government bailouts as we have no new economic data after the opening bell. Tomorrow, however, will be a busy on with the June PPI, retail sales, Empire manufacturing index and business inventories. Bernanke is scheduled to deliver his half-yearly update to Congress this week.

Along with bailouts and fresh economic data, Q2 earnings season will get rolling this week with 59 of the S&P 500 companies due to report. According to Thomson Reuters, Q2 earnings growth for the S&P 500 companies is expected at –14.7% as financials weigh down everything with the exception with positive gains in energy and technology.

The bailout news provides the market with a positive catalyst to work with this morning and to improve confidence further we need good news (especially in earnings outlooks and inflation data) to sustain a broad scale relief rally this week. Have a great Monday!