Market Preview: Facebook's Folly

Elsewhere, the morning earnings avalanche will include AGCO(AGCO) , Alaska Air Group(ALK) , Alcatel-Lucent(ALU) , AmerisourceBergen(ABC) , Amylin Pharmaceuticals(AMLN) , AstraZeneca(AZN) , Build-A-Bear Workshop(BBW) , Celgene(CELG) , Colgate-Palmolive(CL) , Credit Suisse(CS) , Dow Chemical(DOW) , Dr. Pepper Snapple Group(DPS) , Dunkin Brands(DNKN) , Goldcorp(GG) , International Paper(IP) , Kimberly-Clark(KMB) , McGraw-Hill(MHP) , MetroPCS Communications(PCS) , Moody's Corp.(MCO) , National Oilwell Varco(NOV) , New York Times(NYT) , Occidental Petroleum(OXY) , Pulte Homes(PHM) , Raytheon(RTN) , Royal Caribbean Cruises(RCL) , Sprint Nextel(S) , Starwood Hotels(HOT) , Trex(TREX) , United Continental Holdings(UAL) , Valley National Bancorp(VLY) and Waste Management(WM) .

The late roster features Acme Packet(APKT) , Amgen(AMGN) , Applied Micro Circuits(AMCC) , Callaway Golf(ELY) , Chubb(CB) , Coinstar(CSTR) , Deckers Outdoor(DECK) , Expedia(EXPE) , Human Genome Services(HGSI) , KLA-Tencor(KLAC) , Nutrisystem(NTRI) , Oclaro(OCLR) , Tellabs(TLAB) and VeriSign(VRSN) .

The economic calendar includes weekly initial and continuing jobless claims at 8:30 a.m. ET; durable goods orders for June at 8:30 a.m. ET; and pending home sales for June at 10 a.m. ET.

The consensus expectation is for initial claims to come in at 381,000, down slightly from last week's 386,000 total, according to Briefing.com. Jim O'Sullivan, chief U.S. economist at High Frequency Economics, is a little higher than that with an estimate of 390,000. He says this report should be viewed as pretty clean with any noise and distortions from the spring and annual auto plant shutdowns finally filtered out.