Retailers will report same-store sales results for June on Thursday. Large U.S. retailers set to release results include Macy's Inc. (NYSE: M), Target Corp. (NYSE: TGT), the TJX Companies Inc. (NYSE: TJX), the Gap Inc. (NYSE: GPS), Limited Brands Inc. (NYSE: LTD), Saks Inc. (NYSE: SKS), Costco Wholesale Corp. (Nasdaq: COST), Kohl's Corp. (NYSE: KSS), Ross Stores Inc. (Nasdaq: ROST), Walgreen Co. (NYSE: WAG), Nordstrom Inc. (NYSE: JWN) and the Buckle Inc. (NYSE: BKE).
Also, in developed economies, the European Central Bank and Bank of England interest rate decisions will be much anticipated.
In emerging markets, the focus will be on Turkey's first-quarter gross domestic product data, Brazil's industrial production and inflation data releases and central bank meetings in Poland and Malaysia.
Below are entries on the economic calendar from July 2 to July 6. All listed times are EDT.
7:00 a.m. -- MBA Mortgage Index for the week ending June 30
7:30 a.m. -- Challenger job cuts report for June
8:15 a.m. - ADP Employment Change report. Economists expect ADP Employment to fall to 102,000 in June after expanding 133,000 in May. In recent months, the ADP measure of private employment has come in higher than the official Bureau of Labor Statistics data.
8:30 a.m. -- For the week ending June 30, initial jobless claims are expected to edge down to 385,000, from a reading of 386,000 in the prior week.
10:00 a.m. -- The ISM nonmanufacturing index will likely fall marginally to 53.0 in June after a print of 53.7 in May
11:00 a.m. -- Crude oil inventories for the week ending June 30
UK -- Bank of England asset purchase decision and bank rate decision for July
E17 -- ECB July interest rate announcement
E17 -- ECB press conference
E17 -- Publication of the MFI interest rate statistics
Netherlands -- June harmonized consumer price index, or HICP
Ireland -- Q1 GDP
Germany -- May factory orders
Chile -- May economic activity index
8:30 a.m. -- Economists expect nonfarm payrolls to increase 90,000 in June, a modest pickup from the prior two months, while the unemployment rate should hold steady at 8.2 percent. Manufacturing will likely add 6,000 jobs in June, another soft reading. The regional manufacturing surveys, particularly the Philadelphia Fed survey, have shown a drop in the employment indexes. The public sector will continue to shed jobs, with a decline of 10,000 expected in June. Average hourly earnings will increase 0.2 percent, while the workweek will hold at 34.4.
Spain -- Bundestag votes on the Spanish bailout.
E17 -- ECB President Mario Draghi, Italy Prime Minister Mario Monti and French foreign minister Laurent Fabius meet at France's Annual Answer to Davos conference.
E17 -- ECB Executive Board Member Joerg Asmussen speaks on Communicating European Economy in Times of Risk and Change in Brussels.
E17 -- ECB Executive Board Member Benoit Coeuré and Bank of France governor Christian Noyer speak at Circle of Economists.
France -- Year-to-date budget and May trade balance
UK -- June input/output prices
Germany -- May industrial production
Chile -- June CPI
Sources: Central banks, European Commission, Reuters, Market News, Capital Economics, Nomura