U.S. stocks closed sharply higher on Tuesday with Johnson & Johnson JNJ reporting better-than-expected results for its second quarter.

Below is a look at the major economic reports scheduled for release today.

• The MBA's index of mortgage application activity for the latest week is scheduled for release at 7:00 a.m. ET.
• Data on existing home sales for June will be released at 10:00 a.m. ET. Existing home sales have slowed to an annualized rate of 5.41 million in May, with analysts expecting a slight drop to 5.395 million for June.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
• The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.

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