Monday Morning Market Roundup: How's This Week Shaping Up?

Here's what's shaking:

Stocks:

Getty Images.

U.S stock futures are declining ahead of a big week of economic indicators, including the latest statement from the Federal Reserve and the jobs report for July from the Labor Department.

On top of events already on the schedule, the parent of Lord & Taylor announced early Monday that it would buy the luxury retailer Saks for about $2.4 billion.

Dow Jones industrial futures are down 29 points to 15,469. S&P futures have lost 3.8 points to 1,682.80. Nasdaq futures are down 5.5 points to 3,065.

The National Association of Realtors issues its June index of pending home sales Monday, the S&P/Case-Shiller home-price index arrives Tuesday, followed by the Fed's two-day policy meeting, which ends on Wednesday.

Companies posting earnings this week include Sprint, Kellogg, Pfizer, LinkedIn and Exxon Mobil

Oil:

Getty Images.

The price of oil fell to near $104 a barrel Monday, taking a negative cue from a sharp drop in the Nikkei stock index.

West Texas Intermediate, the benchmark for U.S. crude, was down 39 cents to $104.31 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 79 cents to close at $104.70 on Friday in New York.

Traders are also waiting to see whether the U.S. central bank will announce any alteration to its loose monetary policy. The Fed has been nudging the U.S. economy by buying massive amounts of government bonds, which has pushed borrowing rates sharply lower. But the program is widely expected to be scaled down later this year as the economy improves.

Oil prices declined last week after China, a major energy consumer, decided to press ahead with painful economic restructuring and forgo another round of stimulus even though growth has slowed.

The price of oil broke above $100 on July 3 for the first time since May 2012, mostly due to falling U.S. crude stockpiles and increased interest from financial investors.

Brent crude, which is traded on the ICE Futures exchange in London, rose 22 cents to $107.39 a barrel.