NEW YORK ( TheStreet) -- Tuesday's trading session will likely get its direction from the latest slate of economic and earnings releases, as well as two separate auctions of Treasury notes.

Before the start of Tuesday's session, earnings from Coach ( COH), U.S. Steel ( X), Valero ( VLO), Supervalu ( SVU) and Coventry Health Care ( CVH), among many others, will be released.

Following the close of trading Tuesday, earnings releases from Western Digital ( WDC), Panera Bread ( PNRA), and Dreamworks Animation ( DWA) will come due.

Turning to the economic calendar, Tuesday's report on consumer confidence, due at 9 a.m. EDT, is expected to show that the index worsened to a reading of 48.7 in July, down from 49.3 in June. At the same time, the S&P/Case-Shiller home price index should improve slightly to a decline of 17.8% from April's 18.1% slide.

Also of note Tuesday are two separate Treasury auctions, with the additional supply expected to weigh on bond prices. On Tuesday, $27 billion of one-year bills and $42 billion of two-year notes will be auctioned.

Monday saw three separate auctions, kicking off a record week for government offerings. Following the $6 billion auction of 20-year TIPS, the $32 billion auction of three-month bills, and the $31 billion auction of six-month bills, long-term U.S. Treasury prices dropped. The 10-year note fell 17/32 in price to push the yield up to 3.72%. The 30-year note tumbled 1-13/32 to drive the yield higher to 4.63%.

If that weren't enough, Wednesday will bring a $39 billion auction of five-year notes, followed by a $28 billion auction of seven-year notes on Thursday.

-- Reported by Robert Holmes in New York.

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