) -- Stock futures were trading sideways Monday following run-ups to record highs last week as


(MCD) - Get Report

earnings missed expectations and investors awaited the latest home resale numbers.

Futures for the

S&P 500

were down 0.75 points, or 1.86 points above fair value, to 1,688.75. Futures for the

Dow Jones Industrial Average

were falling 18 points, or 6.26 points above fair value, to 15,488. Futures for the


were up 1.5 points, or 4.07 points above fair value, to 3,042.25.

"We continue to see an upward bias for the equity markets in spite of the some of the headlines marking headwinds," Matt Lloyd, chief investment strategist at Advisors Asset Management in Colorado said in an emailed comment.

Lloyd emphasized that it's important not to confuse "hiccups for heart attacks" as "we constantly search for the next black swan to justify investors anxieties." He noted that the

Federal Reserve

will continue its accommodation for some time as market rates show the anxiety the markets have about the removal of such stimulus.

The National Association of Realtors is expected at 10 a.m. EDT to report that existing-home sales increased to a seasonally adjusted annual rate of 5.25 million in June from a pace of 5.18 million in May.


(MCD) - Get Report

was sliding 2.3% to $97.94 in premarket trading after the giant hamburger chain posted second-quarter earnings that missed estimates by two cents at $1.38 a share and revenues that disappointed as well, as a 1% rise in global and U.S. same-store sales were offset by results in Europe and the Asia Pacific, Middle East and Africa regions.

Deutsche Bank

(DB) - Get Report

was rising more than 1.5% to $46.89. The

Financial Times

reports that the bank is planning to shrink its balance sheet by up to a fifth to comply with upcoming, stringent rules for financial soundness.



was surging more than 27% to $32.30. The food distribution company is being bought by grocery distributor

Spartan Stores

(SPTN) - Get Report

in a deal valued at about $1.3 billion. Spartan Stores was jumping more than 21% to $25.72.

Tech earnings remain in full force this week with


(AAPL) - Get Report

reporting on Tuesday,


(FB) - Get Report

announcing on Wednesday, and


(AMZN) - Get Report

releasing results on Thursday. Chipmaker

Texas Instruments

(TXN) - Get Report

and moving streaming company


(NFLX) - Get Report

report after the markets close Monday.

This week, 157 S&P 500 companies are expected to report second quarter earnings.

Thomson Reuters

reports that so far, of the 91 companies in the S&P 500 that have reported earnings to date for the second quarter, 65% have reported earnings above analyst expectations; this is higher than the long-term average of 63% and below the average over the past four quarters of 67%. Meanwhile 49% of companies have reported second quarter revenue above analyst expectations, which is lower than the long-term average of 61% and higher than the average over the past four quarters of 48%.


S&P 500

gained on Friday to cap a fourth-consecutive weekly advance as investors discounted disappointing second-quarter earnings from


(MSFT) - Get Report



(GOOG) - Get Report

and after

Federal Reserve

Chairman Ben Bernanke said last week that the central bank was staying its course on stimulus.

"The last two weeks have been purely about words, Bernanke's words," said Michael Gayed, chief investment strategist at Pension Partners in New York.

The benchmark 10-year Treasury was rising 2/32, diluting the yield to 2.483%.The dollar was down 0.26% to $82.61 according to the

U.S. dollar index


The FTSE 100 was slipping 0.24% and the DAX in Germany was off 0.05%. The Hong Kong Hang Seng finished up 0.25%. The Nikkei 225 in Japan settled higher by 0.47% following Japanese Prime Minister Shinzo Abe's victory in Sunday's upper house elections, which is expected to give him a stronger mandate to push ahead with economic reforms.

September crude oil futures were rising 37 cents to $108.24 a barrel. August gold futures were surging $31.20 to $1,324.10 an ounce.

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Written by Andrea Tse in New York

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Andrea Tse