PepsiCo Earnings, Small Business Outlook, Delta: 3 Things to Watch By

© Reuters.

-- Stocks ended lower on Monday while investors prepared to take in June inflation data and earnings reports that get a big kick-off later this week with banks.

While companies have been lowering their expectations for the quarter, investors are still nervous about whether companies will be able to meet expectations, and more importantly what they will say about the near-term outlook amid rising interest rates and challenging conditions given high fuel and other input costs.

In addition, this week brings big reports on consumer inflation for June as well as retail sales.

In the meantime, traders are buzzing about what Twitter Inc (NYSE:TWTR) might do next in its battle with Elon Musk, the billionaire who now wants to walk away from his $44 billion take-private offer for the social media platform. The agreement calls for a $1 billion breakup fee, but many expect that Twitter will sue Musk to keep the deal terms intact. The shares are currently trading more than $20 below his offer price.

President Joe Biden heads to the Middle East later this week, in part to negotiate higher production by Saudi Arabia to help make up the difference with Russian oil under international embargo and many producing states unable to meet their existing production goals. WTI was down slightly on Monday to around $103 a barrel. 

Here are three things that could affect markets tomorrow:

1. PepsiCo earnings

Snack and beverage giant PepsiCo Inc (NASDAQ:PEP) is expected to report earnings of $1.74 on revenue of $19.5 billion.

2. Small business outlook

The National Federation of Independent Business releases its June small business optimism index, and it's expected to be about even with May at 92.8.

3. Delta earnings

On Wednesday, Delta Air Lines Inc (NYSE:DAL) is seen reporting earnings of $1.65 a share on revenue of $12.2 billion as the airline industry tries to recover from the pandemic.

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