Early morning trading is dominated by oil and dollar price movements. Oil reversed it early loss in price to 70 cents gain sparking rally in the oil stocks.

Brokerage upgrade also helped to maintain momentum in oil stocks at mid-day trading. The U.S. dollar weakness against Euro and Pound led rally in metals sector as mining stocks such as Phelps Dodge, Rio Tinto, BHP traded higher at mi-day.

Shares of Pixar, Apple, Toll Brothers, Ryland Homes are trading higher by at least 2%. Shares of Wynn Resorts, Boyd Gaming and Corning are trading lower. Shares of Apple were up 5% and Google were up by 4.6%.

Campbell Soup reported 3Q profit of 35 cents vs. 34 cents a year ago on revenue jump of 4% despite the price hike of 5%. The company forecasted full-year profit of $1.58. The stock was up by 1.5%.

McData, maker of storage equipment reported 1Q loss of 2 cents vs. loss of 9 cents a year ago on revenue of $98.9 million. Shares are trading up 5 cents.

Earnings and Economic news are expected to dominate market. More than 65 companies are expected to release earnings with bulk of them reporting on Wednesday and Thursday. Manufacturing, retail medical and pharmaceutical related companies are to dominate earnings this week.

Tuesday

Fed releases May 3rd minutes of meeting and existing home sales will be released by National Association of Realtors.

European broadcasting company with radio and TV stations in nine countries in Europe is expected to release 1Q loss of 36 cents on Tuesday.

Boeing is scheduled to report 62 cents for the 1Q earnings, Williams Sonoma to report 1Q earnings of 19 cents on $718 million in revenue, and Medtronic is expected to report 53 cents on $2.83 billion in revenue, and Hughes Supply is expected to release earnings of 51 cents on $1.24 billion in revenue.

Wednesday

Commerce Department will release April durable good orders, expected to rise 1%.

Auto parts retailer AutoZone is scheduled to report earnings of $1.80 per share on $1.37 billion. The stock is trading in mid-point of its 52 week range at $88. Brown Forman, diversified Consumer products is expected to report 49 cents on $658 million in revenue.

Petco Animal Supplies is expected to report 32 cents on revenue of estimates of $481 million. The stock trading at $33 and has traded in 52 week range of $27 and $40. Coldwater Creek is expected to report 11cents on $145 million revenue.

Thursday

8:30 AM Commerce Department releases 2Q GDP estimates.

Retailing companies Costco, Restoration Hardware, Chico’s, and Dollar General are expected to report earnings on Thursday. Other notable companies Hormel Foods Toll Brothers, CUNO, Tech Data, Computer Associates and Stewart and Stevenson are scheduled to report on Thursday.

Costco is expected to report 42 cent on $11.89 billion in revenue for the quarter; Dollar General is expected to report 22 cents on revenue of $1.96 billion.

Women’s apparel is expected to beat 25 cents of earnings on at least $325 billion in revenue for the quarter. Computer Associates is expected to report 20 cents on $919 million in revenue for the current quarter.

Toll Brothers is expected to report for the quarter $1.79 earnings per share on revenue of $1.26 billion. The stock has rallied from $37 to $85 in the last 52 weeks.