Stocks: Economy takes center stage

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NEW YORK (CNNMoney) -- U.S. stocks were set to deliver another day of losses as the latest economic report did little to calm investors' fears over the pace of the economic recovery.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were off between 0.7% and 0.8% ahead of the opening bell. Futures measure current index values against perceived future performance.

Futures drifted after a report showed that consumers continue to pullback. While personal income edged up 0.1% in June, spending slipped 0.2%. Economists were expecting income and spending to rise 0.1%.

"There are still a lot of fears about how slow the economy is growing" said Hamed Khorsand, analyst at BWF Financial.

Stocks took a wild ride Monday, with the Dow finishing lower for the 7th straight session.

The day started with an early rally, fueled by hopes of a resolution to the debt standoff in Washington. But a report showing poor manufacturing activity quickly deflated that optimism -- leaving stocks just below the break even line.

The dour manufacturing report came on the heels of last week's GDP report that the U.S. economy grew at an annualized pace of just 1.3% in the second quarter. More disturbingly, the first-quarter reading was revised down to 0.4%.

Investors will get a number of fresh data points on the economy this week, with the most important coming Friday in the July jobs report.

Debt deal won't fix job market

The U.S. economy is expected to have created 84,000 jobs last month, according to a consensus of analysts surveyed by Briefing.com. In June, the economy added a paltry 18,000 jobs.

The unemployment rate is expected to hold steady at 9.2%.

America's debt crisis: The Senate is expected to vote on the last-minute deal to raise the debt ceiling and reduce the nation's deficit Tuesday at noon, before sending it off for final approval to President Obama's desk.

Late Monday, the House approved the deal 269 to 161.

While passage of the agreement averts an unprecedented default, the nation's credit rating may still face a downgrade.

Economy: Major automakers will issue their July sales numbers, starting mid-morning.

Companies: Toyota Motors (TM) posted its first quarterly loss in two years, as Japan's earthquake earlier this year dented production activity. Despite the loss, the auto giant raised its forecast for the year.

Shares of NYSE Euronext (NYX, Fortune 500), the parent company of the New York Stock Exchange, fell almost 1% in premarket trading. The stock exchange operator posted a 19% drop in second-quarter profit from a year ago, due in part to costs associated with its Deutsche Boerse merger.

Pfizer (PFE, Fortune 500)'s stock decreased 0.6% in premarket trading, after the Dow component and pharmaceutical giant posted earnings and sales that slightly beat expectations but fell from a year earlier.

Shares of Sirius XM Radio (SIRI) climbed almost 1% after the company raised its guidance for the year. The company's second-quarter profit and earnings rose from a year ago, but missed forecasts.

Archer Daniels Midland (ADM, Fortune 500)'s stock sank 4% after the agricultural products company posted a fourth-quarter profit that dropped 15% from a year ago amid higher corn prices. The results were well below Wall Street's estimates.

Shares of Metro PCS (PCS) plunged almost 19%, after the prepaid wireless provider's second quarter earnings and sales fell short of expectations.

After the closing bell, media company CBS (CBS, Fortune 500) will open its books.

World markets: European stocks were lower in morning trading. Britain's FTSE 100 fell 0.6%, and the Dax in Germany fell 0.9%, and France's CAC 40 slipped 0.6%.

Asian markets ended the session in the red. The Shanghai Composite dropped 0.9%, the Hang Seng in Hong Kong tumbled 1% and Japan's Nikkei lost 1.2%.

Currencies and commodities: The dollar gained ground against the euro, the Japanese yen and British pound.

Oil for September delivery slipped 67 cents to $94.22 a barrel.

Gold futures for December delivery rose $16.60 to $1,638.30 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 2.70% from 2.74% late Monday.