Before the bell reports showed personal income rose slightly in June after surging in May when the first wave of stimulus checks arrived, the government reported Monday. The Commerce Department said individual income increased by 0.1% in June after a revised 1.8% jump in May. Economists were expecting personal income to decrease by 0.1% in June. Personal consumption increased by 0.6% in June, which was more than the 0.5% increase that economists polled expected.
The economic data will be closely scrutinized as investors await the Federal Reserve's policy decision. The Fed, faced with economic weakness and inflation risks, is widely expected to hold rates steady Tuesday.
Among corporate news: Europe's largest bank, HSBC, said Monday that profits fell 29% through the first half of the year, the most since 2001, due to bad U.S. mortgages.
Chrysler said on Sunday that its financial unit had renewed lines of credit totaling $24 billion. The privately-held automaker had originally sought $30 billion in credit.