Jobless claims report
The unemployment claims report compiled weekly will be released this morning at 10 a.m., showing the number of individuals who filed for unemployment insurance for the first time for the week ending July 18. The report, fromt the U.S. Labor Department, is expected to show that claims grew by 28,000 to a seasonally adjusted 550,000, according to a survey of economists by Thomson Reuters. Last week, initial jobless claims fell a sharp 47,000 to 522,000 in the week ending on July 11. The four-week average was down 22,500 to 584,500. Continuing claims plunged even more, dropping by 642,000 to 6.273 million.

Daniel Tarullo to testify
Federal Reserve Gov. Daniel Tarullo will testify today at 9:30am EST on regulatory restructuring before the Senate Banking Committee in Washington, along with FDIC. The testimony will be chaired by Sheila Bair and SEC Chair Mary Schapiro.

Home sales report to be released
The National Association of Realtors is expected to report today that June home sales rose 1.5 percent to a seasonally adjusted annual rate of 4.84 million units, according to a survey of economists by Thomson Reuters. Home sales in May advanced another 2.4 percent to a 4.770 million annual rate.