A trader at the New York Stock Exchange.

Today’s lowered U.S. market is best described as the calm before the earnings storm.

The S&P 500 is lower by 5 points to 2,085, the Dow Jones Industrial Average is down by 55 points to 17,947 and the Nasdaq is off by 12 points to 4,893. The S&P Retail ETF is down by 10 cents to $45.13.

This week will bring earnings from accessories giant CoachInc. and online marketplace eBay Inc. on Tuesday. Coach saw its price target lifted to $46 from $42 last Friday by analyst Oliver Chen at Cowan & Co. Chen believes Coach is on track to post positive same-store sales by the fourth quarter. Coach will deliver its earnings before the market opens and eBay after the market closes.

Also on Tuesday, retail real estate leaders Simon Property Group Inc. and Tanger Factory Outlets Centers Inc. will report earnings. Later in the week, the market will hear from outdoor brand Columbia Sportswear Company and retailer Cabela’s Inc. Amazon.com Inc. is on deck for Thursday. Friday brings V.F. Corp.

Asia kicked off the negative trading today as all the major indices closed slightly lower. One slightly disturbing piece of information today was that China’s total debt grew to a record 237 percent of its gross domestic product, according to the Financial Times. It’s not unlike the level of debt in the U.S., but China’s debt has jumped from 148 percent of GDP in 2007. Fears of corporate defaults in Asia helped push markets lower.

Europe followed Asian markets lower. A drop in German business sentiment caused the German DAX to fall 0.8 percent. The U.K. FTSE also dropped 0.8 percent as U.K. industrial orders fell by 11 points.

In U.S. economic news, the Federal Reserve will meet and release a statement on Wednesday with regard to interest rates. Thursday brings the GDP report and Friday will follow up with March personal income and consumption data.