Salient to Investors:

Stephen Wood at Russell Investments says earnings will be the story of the week and the story of the month.

Charles Plosser at FRB of Philadelphia said the Fed should begin tapering in September, while James Bullard of FRB of St. Louis said it should not cut back until inflation accelerates toward the Fed’s 2 percent goal.

James Gaul at Boston Advisors said the Fed hopes that investors shift over time from liquidity-driven strength to economy-driven strength, which we yet to see but we are a lot closer than we were a couple of years ago.

73 percent of S&P 500 companies have exceed forecasts by an average of 5.1 percent for Q1.

UPS said a slowing US economy hurt Q2 profit and revenue. UPS and FedEx are viewed as economic bellwethers because they transport goods across the world.

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