The markets have rebounded off their midday lows heading into the close, but all three indices remain in negative territory with no catalysts to push higher.
In economic news, pending home sales came in higher than expected, falling just 0.4% in June, though May sales were revised lower. The decreases in pending home sales can be attributed to limited inventory, as well as increasing mortgage rates.
In corporate news, Saks (SKS) received a $2.9 billion buyout offer from Hudson Bay, the parent company of Lord & Taylor. Saks has 40 days to try and find a third party willing to pay more than the $16 per share offered.
And in earnings news, Wynn Resort (NASDAQ:WYNN) reported lower-than-expected earnings and revenue in the second quarter as growth from Macau is slowing.
After the bell, investors will review earnings from Sourcefire (FIRE) and Vertex Pharmaceuticals (NASDAQ:VRTX), and from Boyd Gaming (NYSE:BYD) and Arch Coal (NYSE:ACI) before the market opens on Tuesday.
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