The impact of this week's non-manufacturing ISM survey could be somewhat subdued because its release comes after June's employment report, negating the importance the ISM survey's employment index. But significant declines or advances in the survey's business activity index could help shift ailing market sentiment. This week's big headlines, however, will likely be driven by the start of second-quarter earnings season. Alcoa (AA - commentary - Trade Now) is scheduled to kick off earnings season on Wednesday. There is also a G8 summit taking place this week in Italy, which could produce some headlines.

Here is the week's detailed calendar:

Monday, July 6

10:00 a.m. EDT: Institute for Supply Management's non-manufacturing survey (Risk: Neutral, Market Reaction: Moderate/Marginal): The survey's index will likely experience its third consecutive monthly rise. The current Bloomberg consensus for the index is 46.7, vs. last month's reading of 44.0. The market would interpret any positive surprises to this index as good news, echoing the better-than-anticipated data in the manufacturing sector, which helped support the case for a less severe recession. It will also be important to look at the non-manufacturing ISM's new order index, which tends to be a forward-looking indicator for the primary business activity index. Since June's employment data have already been released the ISM survey's employment index essentially is a non-factor.

1 What would best describe your stance heading into the coming week of trading? Bullish Bearish Neutral 2 Which of these sectors do you think is set to move up in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities 3 Which of these sectors do you think is set to move down in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities View the results without voting