Chevron releases earnings
Chevron Corp. will report its second quarter earnings today at 5:00 p.m.

Jobless claims effects
Markets will be reacting to this morning's report on unemployment benefits, which said claims last week fell to the lowest since January, down 52,000 to 565,000.

June retail sales
Reports released this morning showed delcines at major retailers reporting including Costco, which was down 6 percent. Gap was down 10 percent. Abercrombie & Fitch slid 32 percent. American Eagle Outfitters declined 11 percent. TJX Cos. was up 4 percent. Victoria's Secret fell 12 percent. Wet Seal Inc was down 11.1 percent. Hot Topic fell 7.2 percent. Zumiez was down 19.3 percent. Children's Place retail stores was down 12 percent.

Wholesale inventories report
the government's report released today showed that in May, inventories were $311.3 billion, up 0.2 percent from April, but down 19.9 percent from May of 2008.