NEW YORK (CNNMoney)
But that wasn't enough to get investors buying stocks, as several events later this week could set the tone for the rest of the summer.
The Dow Jones industrial average, the S&P 500 and the Nasdaq were all down about 0.2% in early morning trading.
Merger Monday. Canadian retailer Hudson's Bay bought iconic retailer Saks (SKS) in a deal worth $2.9 billion. Hudson's Bay owns rival luxury retailer Lord & Taylor.
Omnicom Group (OMC, Fortune 500) and Publicis Groupe (PGPEF) announced a $35.1 billion deal to form the world's largest advertising agency. Shares of both companies were higher. The news also lifted shares of rival advertising agency, Interpublic Group of Companies (INPGP).
U.S. over-the-counter drugmaker Perrigo (PRGO) announced an $8.6 billion deal for Irish drugmaker Elan (ELN), a cash and stock deal that pays about a 26% premium for Elan shareholders. The Irish company was at the center of an insider trading scandal involving a former employee of embattled hedge fund SAC Capital.
Mall operator Simon Property (SPG) and casino owner Wynn Resorts (WYNN, Fortune 500) both reported improved quarterly earnings, although Wynn fell short of forecasts while Simon beat estimates. Hartford Financial (HGH) and Express Scripts (ESRX, Fortune 500) are on tap to report after the close.
Also after the bell, Herbalife (HLF), the multi-level marketing company that hedge fund manager Bill Ackman has attacked as a pyramid scheme, will release its second-quarter earnings.
All eyes on the economy. Top officials at the Federal Reserve, European Central Bank and Bank of England all meet this week. The Fed is unlikely to make any changes to its quantitative easing policies of buying $85 billion in bonds and mortgage-backed securities a month.
There is also a ton of U.S. economic data on tap, with a report on second-quarter gross domestic product and the government's monthly jobs report Friday.
Investors are also bracing for an announcement Wednesday from the Treasury Department about its refunding needs.
"The week ahead is chock full of fundamental events, making it arguably the most important week for the next month," said Marc Chandler, head currency strategist at Brown Brothers Harriman.
With that in mind, this week's economic data will take on added importance. U.S. GDP is expected to be tepid, while the latest data on hiring and unemployment should show continued modest improvement.
On Friday, U.S. stocks inched higher in the final minutes of trading after being down sharply earlier in the day.
Related: Fear & Greed Index
In Europe, markets jumped at the open but then backtracked slightly. The main indexes are still holding onto modest gains in morning trading.
Asian markets ended in the red, with Japan's Nikkei index leading the way. The Nikkei declined by 3.3% Monday, and has lost roughly 7% over the past five trading days. Japanese equity markets have been volatile since hitting a peak in May.
First Published: July 29, 2013: 9:45 AM ET
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