But despite the two down weeks, the major indexes remain between 15% and 20% higher for the year.
All eyes on the Fed: While markets have room to bounce back this week, gains could be tempered by concern over what the Fed might do next.
The central bank will release minutes from last month's Federal Open Market Committee meeting midweek, and it will hold its annual summit in Jackson Hole, Wyo., beginning Thursday.
Analysts aren't expecting major news out of either event. But jittery investors will certainly keep a close watch, since many think the central bank will start to taper its $85 billion in monthly bond buying sooner rather than later.
Those worries have put pressure on stocks and pushed the yield on the 10-year Treasury to 2.83%, the highest in two years, from 2.6% at the start of last week.
Corporate earnings: While a lot of attention will be on the central bank, investors will also be looking at several corporate results throughout the week, including Target (Fortune 500), , Home Depot (Fortune 500), , Best Buy (Fortune 500), , Saks ( and )Abercrombie & Fitch (. )
J.C. Penney (Fortune 500) is also set to report quarterly results Tuesday. That will likely garner much attention given the , recent boardroom drama with activist investor Bill Ackman. The company's CEO was ousted earlier this year, and the stock price has fallen 30%.
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|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.48%||4.52%|
|15 yr fixed||3.50%||3.54%|
|30 yr refi||4.48%||4.51%|
|15 yr refi||3.49%||3.53%|
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