We can expect a normal flow of economic data this week featuring key reports on housing, the FOMC minutes, and the monthly inflation reports. The backdrop for this news includes four additional factors.

After the close Facebook reported a profit of $806 million, or 30 cents a share, up from $425 million, or 17 cents a share, a year earlier.

Freeport-McMoRan Inc. reported earnings of 53 cents per share for third-quarter 2014, reflecting a decline of 32.9% from the year-ago earnings of 79 cents.

In this interview with The Gold Report, Gross argues that this could be the opportunity of a lifetime for contrarian investors, and suggests a half-dozen best bets in gold.

December E-mini S&Ps this morning are down -0.07% after IBM missed on Q3 revenue estimates and European stocks are down-1.28% as SAP SE dropped over 5% after it cut its full-year profit forecast and Royal Philips slid over 4% after it reported Q3 sales and profits that were weaker-than-expected.

December E-mini S&Ps (ESZ14 -0.14%) this morning are down -0.10% and European stocks are down -0.09% after a gauge of Eurozone manufacturing activity last month was revised lower to its slowest pace of expansion in 15 months.