The economic calendar in the U.S. on Monday is light, with only May U.S. consumer credit numbers to be released at 3 p.m. EDT.
Details are emerging on how eurozone officials will set up a banking supervisor for the 17-nation currency bloc, according to a report. Discussions are centering on the idea of an agency under the European Central Bank that will be the sole overseer of the 25 or so biggest banks in the eurozone, according to a report from The Wall Street Journal. Smaller banks in the currency bloc would continue to be supervised by their national financial-market regulators, the report said. But the national regulators would be under the control of the eurozone banking supervisor.
Alcoa (AA - Get Report) kicks off second-quarter earnings season after Monday's closing bell and analysts expect the aluminum giant to report profit of 5 cents a share on revenue of $5.83 billion.
Celgene (CELG - Get Report) isn't buying Human Genome Sciences (HGSI), according to a source in contact with Celgene management, reported TheStreet's Adam Feuerstein. Late Friday, Reuters, citing its own unnamed source, reported that Celgene was one of two possible bidders for Human Genome Sciences, which is trying to fight off a hostile, $13-a-share offer from GlaxoSmithKline (GSK).